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The US authorities seized $ 1 billion worth of bitcoins from Silk Road



Attorney Anderson of the United States said in a statement:

“Silk Road was the most notorious online crime market of the time. The successful prosecution of the founder of Silk Road in 2015 left a multi-billion dollar questioning. Where did the money go? The foreclosure complaint today answers at least this open question. $ 1 billion of the proceeds from this crime is now in the possession of the United States.

The Internal Revenue Service’s Criminal Investigation Unit is responsible for finding 69,000 confiscated Bitcoins. Resellers from the unit began analyzing Silk Road̵

7;s digital wallet earlier this year and found 54 previously undiscovered transactions. They determined that Ulbricht did not make those transactions, and they were carried out by a hacker they called “Person X” who stole Bitcoin in 2012 and 2013.

DOJ said Person X agreed to hand over the money they stole after the authorities tracked them down, signing the Foreclosure Agreement and Agreement with the US Attorney’s Office of the Northern California County on November 3. It is worth noting that Ulbricht was aware of the hackers’ online identities and allegedly threatened them because of the return of Bitcoin. However, individual X refuses to give in – they simply sit on that huge amount and don’t spend.

DOJ has not revealed what its plans to do with the huge pile of digital currencies, but the government has auctioned off other Silk Road related coins they had previously seized. How much the government can get out of it, however, remains to be seen as issuing too much Bitcoin to buyers could devalue its value.




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