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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.
The cryptocurrency was seized after authorities determined it was the earnings from narcotic distribution activity, Gramiccioni said.
It’s now worth $198,237, authorities said.
“I am proud of the work our investigators did uncovering these modern methods used to conceal assets derived from criminal activity in the cyberworld. This will serve as an effective template for the state law enforcement agencies in the cryptocurrency market – a place where we can expect proceeds from crimes to continue to be concealed,” Gramiccioni said in a statement.
The prosecutor’s office said it was the first state agency in New Jersey to seize cryptocurrency in 2017 after the arrest of Terry Kou, 28, of Colts Neck. The cryptocurrency was initially valued at more than $200,000 is now worth more than $1.25 million, according to the prosecutor.
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