Matthew Phan of Ontario used bitcoin to purchase a handgun, cocaine, PCP and ketamine. The 30-year-old, who pleaded guilty to importing the firearm and drugs in December, tried to convince the courts that the 281 bitcoin he owned – currently worth a staggering £1,084,000 – had been amassed through honest dealings as a trader, and that the crypto was used for buying and selling gold. He claimed he was entitled to keep at least half of the fortune. However, Crown Attorney Erin Pancer argued there was little to support that, and the evidence pointed to Phan using BTC to bankroll his criminal activities. She instructed ... (full story)