U.S. authorities seize $1 billion worth of Silk Road Bitcoin

U.S. authorities seize $1 billion worth of Silk Road Bitcoin

US Attorney Anderson said in a statement:

“Silk Road was the most notorious online crime market at the time. The successful prosecution of the founders of the Silk Road in 2015 left billions of dollars in question. Where did the money go? Today’s foreclosure complaint at least partially answers this open question. One billion dollars of these criminal proceeds are now owned by the United States.”

The IRS’ criminal investigation department found 69,000 confiscated bitcoins. Agents in the department started analyzing Silk Road’s digital wallet earlier this year and discovered 54 previously undiscovered transactions. They decided that Ulbricht didn’t make any of these transactions and it was done by a hacker who stole bitcoin in 2012 and 2013 by a hacker called “Personal X”.

DOJ said Private X agreed to hand over the stolen items after authorities signed a confiscation agreement and confiscation agreement with the Northern California District Attorney’s Office on November 3rd. It is worth noting that Ulbricht knows the hackers’ online identities and claims they threatened them for the return of Bitcoin. However, individual X refused to give up. They didn’t just sit and spend huge amounts of money.

The Ministry of Justice has not revealed what it plans to do with the vast amount of digital coins, but the government auctioned off other Silk Road related coins that it had previously confiscated. However, we don’t yet know how much the government can get because opening a lot of bitcoins to buyers can lower their value.

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About the Author: Max Grant

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