U.S. authorities have confiscated $54 million in cryptocurrencies from a New Jersey drug ring leader and his associates. The funds were found in crypto wallets holding the laundered proceeds of their mail-order cocaine and designer drug operations. The gang, which was active between 2010 and 2015, had discussed taking their crypto riches offshore, with the Bahamas being one suggested destination. Federal law enforcement detected the conversation and seized the funds. The move comes as the U.S. government is ramping up efforts to crack down on illegal activities involving cryptocurrencies.