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The Monmouth County Prosecutor’s Office is the first law enforcement agency in New Jersey to seize and liquidate cryptocurrency, authorities said.
The unusual assets were seized during an illegal drug bust in Long Branch and cashed in for about $198,237, according to Monmouth County Prosecutor Christopher J. Gramiccioni.
In 2018, investigators executed search warrants at two Long Branch locations used by 39-year-old Giddel Gonzalez-Estrada, who pleaded guilty in the 2019 drug case and is completing a 10-year state prison sentence, Gramiccioni said.
Authorities seized three vehicles, $32,000 in cash, 500 grams of cocaine, marijuana, a handgun, drug paraphernalia and financial documents showing that Gonzalez-Estrada owned Ethereum, Bitcoin, Bitcoin Cash and Litecoin worth $57,000 in a U.S.-based exchange.
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