On 10 July, 2024, a British man convicted of selling a deadly substance falsely marketed as a ‘weight loss’ drug was ordered to repay £23,000 in proceeds from his crime. Jack Finney, 28, was compelled to hand over a significant amount of Monero cryptocurrency, marking the first time the UK authorities have converted this privacy-focused digital currency into cash.
The Food Standards Agency (FSA) successfully sold the Monero for £15,000, which contributed to the total repayment. Monero, known for its untraceable nature, is often used by criminals on the dark web due to its difficulty in being converted to cash. The remaining money was obtained from the sale of Finney’s Suzuki Vitara SUV for £6,240 and an additional £1,775 in cash.
Finney was sentenced to 28 months in prison in December 2021 after pleading guilty at Chester Crown Court to multiple offenses, including selling 2,4-dinitrophenol (DNP), a highly toxic industrial chemical, as a diet pill. DNP has caused at least 33 deaths across the UK.
Adrian Foster, Chief Crown Prosecutor at the Crown Prosecution Service (CPS), highlighted the significance of this case: “This is the first case where we have converted Monero currency into cash. This shows that criminals cannot hide their money in any cryptocurrencies in the hope it will be safe from the authorities. We will continue to go after him for the remaining amount if he comes into more money.”
Andrew Quinn, Head of the FSA’s National Food Crime Unit, added: “We welcome the court’s decision to force Jack Finney to hand over the £23,000 that he made from selling lethal substances on the dark web. No matter what format currency is in, we will find it and confiscate it.”
Detective Sergeant David MacFarlane from Cheshire Police’s Cyber Crime Unit, who conducted the initial seizure, noted the challenges due to Monero’s nature but emphasized the success: “This posed several challenges due to the particular type of cryptocurrency; however, these were overcome and resulted in the forfeiture of the funds. This case should serve as a deterrent to those who think they can get away with committing these types of offenses – crime does not pay.”
A Financial Investigator from the FSA’s National Food Crime Unit worked with the CPS to use the Proceeds of Crime Act 2002 to force Finney to pay back any money he had made. The court determined that Finney’s total earnings from his illegal activities amounted to £180,894 but ordered him to repay £23,000, as that was all available to him at the time. Specialist lawyers in the CPS Proceeds of Crime Division can take him back to court to recover the remaining amount if he acquires more funds.
This case establishes a precedent in the global cryptocurrency sphere, demonstrating that even privacy coins like Monero are not beyond the reach of law enforcement. It highlights the authorities’ increasing readiness and capability to track, seize, and convert cryptocurrencies, reinforcing the message that digital assets are subject to legal scrutiny and can be effectively managed within the framework of financial crime legislation.
This approach by the FSA, CPS, and law enforcement agencies amplifies their commitment to combating illegal activities involving cryptocurrencies and ensuring that criminals are held accountable, regardless of the sophistication of their methods.
