Darknet marketplace Empire Market co-founders sentenced to 40 years in prison, over $100 million in BTC confiscated

On October 9, according to CoinDesk, Raheim Hamilton, co-founder of the dark web trading platform Empire Market, was sentenced to 40 years in federal prison for operating the platform and fined $5 million. According to information disclosed by the U.S. Attorney's Office for the Northern District of Illinois, Hamilton agreed to forfeit 1,230 BTC (approximately $101 million), 24.4 ETH (approximately $60,000), and three properties.

Prosecutors stated that Hamilton and his accomplice Thomas Pavey operated Empire Market between 2018 and 2020, facilitating over 4 million transactions totaling more than $430 million, primarily involving drug sales (nearly $375 million), as well as the sale of stolen account credentials, personal data, and hacking tools. The pair required customers to use cryptocurrency and encouraged the use of mixing services to obscure the flow of funds. His accomplice Pavey had previously pleaded guilty to conspiracy to commit drug crimes, resulting in the forfeiture of 1,584 BTC and multiple physical assets; he is expected to be sentenced later this month.