Father-Son Duo Laundered Bitcoin from Dark Web Xanax Scheme: $150M Seized, Forfeiture Ordered

Ryan Farace, previously convicted for dark web Xanax distribution, conspired with his father, Joseph Farace, to launder additional proceeds of crimes while incarcerated. Despite claims of inability to access more Bitcoin, Ryan orchestrated transfers, including sending 71 Bitcoin to exchanges and retailers in 2019. Financial records revealed he used drug proceeds to benefit his father, sending $3,341.65 worth of gift cards. In August 2020, while in prison, Ryan directed Joseph to transfer over 2,874 Bitcoin to a third party for foreign bank account deposits, using a coded message in a library book. Federal agents seized the transferred Bitcoin in February 2021, valued between $65 million and $150 million (approx.). Both Ryan and Joseph Farace are mandated to forfeit the seized Bitcoin, amounting to a substantial sum from the dark web Xanax trafficking investigation.

AI-generated image – Photo by The Bullet Point

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