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FILE This undated photo provided by the Weber County Sheriff’s Office shows Aaron Shamo, 27, who was arrested at his home in Cottonwood Heights, Utah. Shamo, a Utah man charged with running a multimillion dollar opioid drug ring out of a suburban Salt Lake City basement pleaded not guilty Thursday, June 29, 2017. Federal attorneys prosecuting a multimillion dollar opioid drug ring in Utah are moving quickly to sell seized bitcoin that’s exploded in value to some $8.5 million since the alleged ringleader’s arrest. Attorney’s Office for Utah cites the digital currency’s volatility in court documents pressing for the sale. 14, 2017. . Attorney’s Office for Utah cites the digital currency’s volatility in court documents pressing for the sale. The bitcoin cache was worth less than $500,
ugg boots australia au US prosecutors move to cash in on
000 when Aaron Shamo was arrested on drug charges, but the value of the digital currency has skyrocketed since then.

Bitcoin was created as a digital alternative to the traditional banking system, and is prone to swings in value based on what people believe its worth.

For federal prosecutors in Utah, sales of seized assets like cars are routine, but bitcoin is new territory, spokeswoman Melodie Rydalch said Thursday.

Shamo has pleaded not guilty to a dozen charges.

The proceeds of the bitcoin sale will be held until the case is resolved, and then decisions will be made about where the money goes, Rydalch said. Seized asset sale proceeds usually goes to the agency that investigated,
ugg boots australia au US prosecutors move to cash in on
like the Drug Enforcement Administration.