Silk Road Vendor ‘Pharmville’ Pleads Guilty To Laundering $19 Million

Silk Road Vendor ‘Pharmville’ Pleads Guilty To Laundering $19 Million 10

Silk Road, the infamous market on the dark web where users offered and sold almost everything: fake documents, drugs, weapons, hacking programs and dangerous chemicals, was shut down in 2013.

Nearly six years later, an Ohio man was arrested for trying to sell more than $ 23 million of btc he earned through drug deals in the Silk Road market. Federal authorities allege that Hugh Brian Haney of Columbus, Ohio, was involved in the silk road drug trade.” Silk road was created in 2011 by Ross when he was 26 years old. Ross, who ran the market under the pseudonym “pirate Roberts“” later claimed that he wanted to create”a free market where users can buy and sell whatever they want without any restrictions.”

The silk road market had more than two hundred million dollars in transactions using bitcoin, allowing users to remain anonymous and untraceable at the time.

By the 2011 summer season, silk road was starting to generate a huge buzz online, and that was the time the famous Gawker magazine article was published that brought them even more attention, leading to investigations by the justice Department and DEA.

The silk road was closed in October 2013. Ross was sentenced to life in prison in 2015 after being found guilty.
It was estimated that several thousand drug traffickers used silk road to sell drugs and other illegal products to more than 100,000 customers and laundered millions of us dollars with bitcoin.

After silkroad closed, the feds seized large amounts of btc and then sold them for $ 48 million. Federal authorities say Hugh Brian Haney was one of the silk road users.

“It is alleged that Hugh Brian Haney used the silk road as a means to sell drugs to people around the world. He then allegedly laundered his $ 19 million profit through bitcoin, ” said Jeffrey S. Berman, a professional U.S. attorney for the southern district of new York. “the arrest is a warning to all sellers who sell their drugs through the dark web that they cannot remain anonymous all the time, especially when trying to legitimize their illegal profits.”

Hugh Brian Haney allegedly operated on the Silk road using the name ” farmville.”

Authorities allege that between November 2011 and February 2012, Brian Haney earned millions of dollars of btc from transactions involving illegal drugs including ketamine, oxycontin and fentanyl.

Haney moved their illegal profits from crypto-currencies in the amount of $ 19. 15 million of these transactions to an unidentified bitcoin exchange in February 2018 and exchanged bitcoins for cash and deposited them into a personal Bank account.

Haney told the exchange Corporation that he earned bitcoin through his own” mining ” of the cryptocurrency, according to Federal agents who seized the money from Haney’s Bank account.

He has been charged with one count of concealing funds, money laundering and making money transactions using illegally obtained funds. According to the Ministry of justice, the convictions against the two individuals carry a maximum prison sentence of 20 and 10 years, respectively.
Brian Haney’s preliminary hearing was held July 30 in Columbus, Ohio.

Haney pleaded guilty in Manhattan Federal court on November 06-2019 to money laundering charges based on his attempt to launder the proceeds of his drug dealing business, which he ran in the Darknet silk road market.

Haney is due to be sentenced by judge Rakoff on February 12, 2020.

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