Authorities in Devon have confiscated £1.3 million in cryptocurrency from an individual who has been sentenced to prison for engaging in online drug sales. On Friday, Ryan Coleman, a 36-year-old resident of Torquay, was sentenced to 15 years in prison at Exeter Crown Court after admitting to the supply of cocaine, ecstasy, cannabis, and ketamine. According to Devon and Cornwall Police, he was involved in the sale of approximately 80kg of Class A and B drugs, which had an estimated street value exceeding £1 million, across 18,500 transactions.
Detective Chief Inspector Sam Smoothy, stated that the force is “continually advancing its investigative methods to track, trace, and disrupt criminal networks”. Authorities reported that they first identified Coleman in 2021 while conducting a separate drugs investigation in the south Devon area. Authorities received intelligence indicating his involvement in the transfer and laundering of cryptocurrency, prompting the initiation of Operation Freebie to investigate further. The authorities reported that Coleman had been operating under the alias Snowcap across various dark web marketplaces for a duration of six years.
According to police, he had been utilizing cryptocurrency payments to support his lifestyle, which encompassed vacations, sports activities, and hiring a personal trainer. Det Ch Insp Smoothy emphasized that the case “highlights the evolving tactics of organised crime groups using cryptocurrency and the dark web to facilitate illicit drug trade”. The judge was informed that there were no prior convictions, and the Bitcoin wallets disclosed amounts totaling £2,460,418. Authorities indicated that investigators plan to utilize the Proceeds of Crime Act to seize certain funds, suggesting that the confiscated cryptocurrency might be redirected to support the police force’s proactive initiatives and contribute to charitable efforts.
According to the force, 50% of the funds will be allocated to HM Treasury for investment in public services. Cryptocurrencies represent a digital form of currency that exists entirely in a virtual realm, devoid of any physical coins or notes. They function as a digital equivalent of cash, enabling the purchase of products and services; however, the acceptance of Bitcoin by retailers remains limited. These assets operate independently of government or banking institutions, allowing for a trading experience that maintains a level of anonymity.