Silk Road Drug Dealer Laundered $19 Million in Bitcoin

Photo Credit: hackernoon.com

Hugh Brian Haney, a 61 year old drug dealer on the dark web was arrested in July by the authorities and charged with money laundering.

The charge alleges that Haney was a high-ranking member of Pharmville, a vendor on the dark web marketplace Silk Road. Haney apparently generated more than $19 million in proceeds from selling illegal drugs through online.

He told authorities that he earned the bitcoins through mining and trading. However, the authorities did not buy that story.

Haney has been in custody since July and is scheduled to be sentenced by US District Judge Jed S. Rakoff on February 12, 2020, he has pleaded guilty to one count of concealment money laundering and one count of financial transaction in criminally deprived property. For each of the charges, the maximum sentence is 20 years and 10 years, respectively.