Ryan Farace also known as ‘Xanaxman’ has reportedly laundered $136 million in Bitcoin between October 2019 and April 2021 while serving his drug-dealing sentence in federal prison.
According to The Baltimore Sun, Maryland officials have charged Ryan Farace, better known as “Xanaxman,” with laundering 2,933 BTC in less than three years. This sum is more than $136 million at today’s pricing.
Surprisingly, the man was sentenced to prison in 2018 and is believed to have carried out the illicit actions from behind bars.
For distributing Alprazolam, a sedative used to treat anxiety and panic disorders, the culprit and his father are currently serving a 57-month federal prison sentence.
Farace operated on the renowned Dark Web, but he was apprehended by the authorities in 2018. He had to forfeit $5.6 million in proceeds from his illegal operations as part of his sentence back then. He also had to hand over his 4,000 BTC worth of cryptocurrency.
The investigators are still unsure if the 2,933 coins in question are part of the original 4,000 BTC. They speculated that Farace may have owned further digital assets that the government was unaware of.
The 37-year-old criminal applied for compassionate release in 2020, citing poor health and the COVID-19 pandemic as reasons. Officials, on the other hand, turned down his request, and he stayed in prison.
