The details: The confiscation order, made at Ipswich Crown Court on Monday, 13 January, totals £51,631.79, comprising:
£37,321 in cryptocurrency
£14,310 in seized cash
Alper Basoglu, 26, has three months to pay or face an extra year in prison.
Behind the scenes:
Basoglu's total criminal benefit was calculated at more than £200,000
The seizure represents only the currently accessible assets
Authorities can revisit the order if new assets are discovered
The background: Basoglu, formerly of St George's Street, Ipswich, is currently serving seven years for drug offences. He pleaded guilty to seven counts, including:
Supply of cocaine and cannabis
Attempting to import herbal cannabis
Possession of criminal property
What they're saying: "We will continue to use the POCA's asset recovery powers to work tirelessly to hit those who engage in the supply of drugs and strip them of the wealth they have derived from their illicit activities," said Andy Gould, Financial Investigator from the Eastern Region Special Operations Unit.
Bottom line: The case shows how drug dealers are turning to cryptocurrency to store their illegal profits and how police are adapting their tactics to seize these digital assets. For Basoglu, there's no easy way out – either way, he'll have to pay back his criminal proceeds. The only choice is whether to do it now or face more time behind bars first.
