MCPO First Office To Get Cryptocurrency Forfeiture: Prosecutor

LONG BRANCH—The Monmouth County Prosecutor's Office announced on Monday that they recently became the first state office to liquefy and complete the forfeiture of cryptocurrency assets part of a criminal case after previously being the first state officials to have seized cryptocurrency assets back in 2017 and 2018.

“The Monmouth County Prosecutor’s Office leads from the front on innovative law enforcement strategies and practices necessary in the emerging new crypto world. No office is better suited to break that ground than our team of talented investigators,” Prosecutor Christopher J. Gramiccioni said in a press release.

The cryptocurrency seized by the MCPO was part of a 2018 arrest of Giddel Gonzalez-Estrada, 39, of Long Branch. Along with three vehicles, about $32,000 in cash, approximately 500 grams of cocaine, a small amount of marijuana along with a handgun, and large amounts of drug paraphernalia.

The MCPO later discovered that Gonzalez-Estrada maintained cryptocurrency in a United States-based exchange, which was subsequently frozen and seized after it was determined to be proceeds from drug sales.

The cryptocurrency’s value at the time of seizure was approximately $57,000. After the asset liquidation process for cryptocurrency was completed, $198,237.31 in net proceeds was sent to the Monmouth County forfeiture account.

“I am proud of the work our investigators did uncovering these modern methods used to conceal assets derived from criminal activity in the cyberworld,” Prosecutor Gramiccioni said.

“This will serve as an effective template for the state law enforcement agencies in the cryptocurrency market – a place where we can expect proceeds from crimes to continue to be concealed.”