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The Feds seize $ 1 billion in bitcoin they believe was stolen from Silk Road



The Justice Department said it was transferring 69,370 bitcoins – worth more than $ 15,000 per person – forfeited to the government, according to court documents. The bitcoins once belonged to Silk Road founder Ross Ulbricht, who was sentenced to life in prison in 2015.

Bitcoin is the only currency allowed to be used on Silk Road, which the authorities claim is used for criminal transactions including drug and gun trafficking as well as money laundering.

The FBI closed Silk Road in October 2013 and arrested Ulbricht. He was found guilty in February 2015 on several counts including money laundering, drug trafficking and computer hacking.

US Attorney David Anderson said: “Silk Road is the most infamous online crime market of its day. “The successful prosecution of the founder of Silk Road in 201

5 left a question worth billions of dollars. Where did this money go? The foreclosure lawsuit today answered this open question, at least part. $ 1 billion of the proceeds from this crime is now in the possession of the United States. “

Records that confiscated bitcoins were stolen from Silk Road in 2013 by a hacker identified only as “Person X” in court documents. The stolen bitcoins were worth about $ 14 million at the time, or more than $ 200 per bitcoin. But the value of bitcoin has skyrocketed since then, bringing it to nearly $ 1 billion today.
Bitcoin is up above $ 15,000 and is closing a record

The filing said Ulbricht was aware of Person X’s online identity and threatened Person X, demanding the return of the cryptocurrency as soon as the money was stolen. Personally X did not return the cryptocurrency but kept it and did not spend it. Person X agreed to the fund foreclosure on Tuesday, according to the filing.


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