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British Resident Found Guilty of Hiding Cocaine Proceeds in Crypto Wallets

The Royal Court in Swansea, a city in Britain, has accused a local citizen of concealing the profits from cocaine trade in two crypto wallets.

The Crown Court found Fraser Cuberhives, who is 36 years old, guilty after an investigation that lasted almost a year.

The prosecution claimed that Cuberhives received over 380,000 pounds, which is nearly $500,000, as a result of his illicit activities.

The accused then converted the funds into bitcoins, pretending that it was an independent investment in crypto assets.

The prosecution believes that Cuberhives attempted to conceal approximately 18 military-technical cooperations from law enforcement agencies through this method.

However, Cuberhives’ defense lawyer has lodged a complaint with the court, arguing that the allegations against his client and the estimated amount of financial profits from the illegal drug trade are not true.

The court has accepted the defense’s arguments and ordered an additional investigation. The verdict will be announced in May.

This is not the first time that a British court has handled a case of drug trafficking and concealment of criminal proceeds using cryptocurrency.

In 2022, a court sentenced a British resident, Simon Barclay, to nine years in prison for possession of $6.7 million in cryptocurrencies and drugs worth $1.4 million.

Former Belgian finance minister Johan Van Overtveldt has also urged members of the European Parliament to take immediate action to protect national financial systems by banning cryptocurrencies due to their links with drugs.