U.S. authorities seized 1 1 billion worth of Silk Road bitcoins

U.S. authorities seized 1 1 billion worth of Silk Road bitcoins

U.S. Attorney Anderson said in a statement:

“The Silk Road was the most notorious criminal online crime market of today. The successful action of the founder of the Silk Road in 2015 left the question of one billion dollars. Where did the money go? Today’s possession complaint answers this open question. Criminal Billions of dollars of this criminal income is now in the possession of the United States. “

The Internal Revenue Service’s Criminal Investigation Unit was responsible for locating the 69,000 bitcoins seized. The unit’s agents began analyzing the Silk Road’s digital wallets earlier this year and found 54 previously discovered transactions. They determined that Ulbright did not make those transactions and that they were done by a hacker whom they refer to as “Personal X” who stole Bitcoin in 2012 and 2013.

DOJ says that after authorities found him, Personal X agreed to hand over what he was stealing, signing a consent and agreement with the Northern District of California’s U.S. Attorney’s Office on Nov. 3. It is worth noting that Ulbricht was aware of the hacker’s online identity and accused him of backing Bitcoin. Personal X, however, refused to give – they just sat on such a large amount and did not spend.

The DOJ did not disclose what to do with the huge ile gala of digital coins, but the government auctioned off other coins related to the previously confiscated Silk Road. It remains to be seen how much the government can get out of it, however, freeing up a lot of Bitcoin buyers could lower its value.

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