Empire Market Co-Creator Sentenced to 40 Years, Forfeits $101 Million in Bitcoin
- Raheim Hamilton, aged 30, was sentenced to a federal prison term of 40 years.
- He agreed to forfeit 1,230 bitcoin valued at approximately $101 million.
- Hamilton also forfeited 24.4 ether worth about $60,000 and three properties.
- The Empire Market facilitated over four million drug transactions totaling more than $430 million from its launch in 2018 until its closure in 2020.
- Co-conspirator Thomas Pavey previously forfeited 1,584 bitcoin last year and is awaiting sentencing.
Hamilton’s sentencing underscores the legal repercussions of operating illicit online marketplaces that facilitate drug trafficking and other illegal activities. The significant forfeiture of assets highlights the financial penalties associated with such crimes.
In total, Hamilton’s forfeiture includes over $101 million in bitcoin, reflecting the scale of operations conducted through Empire Market during its active years.(Source)
