First class student converted cash from drug sales into cryptocurrency

Vincenzo Granato, who studies cybersecurity, pleaded guilty to converting cash made by selling drugs into cryptocurrency so he could buy more illicit substances.

In all, he pleaded guilty to ten drug-related offences at Swindon Crown Court on Friday.

The 20-year-old was in possession of 115 tablets of MDMA, 250 tablets of 2C-B, both of Class A, and 54.3 grams of cannabis, of Class B, in Swindon between January 1 and July 8, 2020.

He also admitted possessing a psychoactive substance, namely 154 tablets of flualprazolam, with the intent to supply it between the same dates.

Flualprazolam is a type of tranquiliser.

Meanwhile, Granato, a cybersecurity student at the University of the West London, admitted converting more than £25,000 in cash received from the supply of drugs into cryptocurrency to enable to purchase of more illegal drugs.

Cryptocurrency is the name given to digital currencies such as bitcoin that exist entirely online and not in physical form. Users directly send ‘keys’ to each other, without a third person in between.

Granato was also in possession of 0.45 grams of cocaine, 25 tabs of clonazolam, a Class C drug, 39 tablets of LSD, a Class A drug, 20 packets of cannabis-infused sweets and criminal property, namely, £3,165 in cash.

Arguing his case on Friday, defence counsel Robbie Ross said that Granato, of Kembrey Street in Gorse Hill, was “not very many months away” from receiving a first-class honours degree.

He added that the defendant understands that he is likely facing a prison sentence as a result of the offences.

Judge Jason Taylor QC adjourned the sentencing for a report to be produced.

Addressing the defendant, he said: “I know Mr Ross would have been very frank with you, you know the serious position you are in.

“I am going to order a pre-sentence report, but you must understand and come prepared accordingly.”

The case has been adjourned to February 22, before the same court.