U.S. Seizes $1 Billion Worth of Bitcoin Connected to Silk Road

This week, the United States announced that it had seized $1 billion worth of bitcoin stolen over half a century ago by a man from the Silk Road market.

Bitcoin was released on the 3rd. In November, and two days later, the United States filed a civil action for forfeiture, the largest ever seizure of cryptographic assets by the Department of Justice.

The Silk Road, which closed in 2013, was the largest black market bazaar for illegal goods and services. It has been used by thousands of sellers and more than 100,000 buyers and has been used to launder the money from their transactions.

According to a civil suit filed this week, at the time of the seizure there were approximately 13,000 lists of controlled substances and 159 lists of prohibited services, including hacking.

Revenue from portal sales is estimated at more than 9.5 million Bitcoins, while commissions from these sales are expected to exceed 600,000 Bitcoins.

The complaint also indicates that the market was used to process transactions with Bitcoin in a way that prevented any attempt to trace them through the suspension of encryption.

After being convicted in seven criminal cases in 2015, the inventor of the Silk Road, Ross Ulbricht, was sentenced to two life sentences. Last year, the Silk Road Manager was sentenced to three years in prison.

Earlier this year, IRS CI agents were able to identify 54 undiscovered Silk Road bitcoin transactions representing bitcoins that would have been stolen from the Silk Road in or around 2012 and 2013.

Approximately 69,471 bits of bit (approximately $14 million at the time) were sent from different portfolios to the same address, namely 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx (1HQ3). While 101 bits of bit were sent out of the wallet, the remaining 69,370 bits of bit remained. On the fourth. In November, the value of the currency in the grave was estimated at more than $1 billion.

After Bitcoin’s hard work, a new product was launched in the first half of the third quarter. Similar quantities of Bitcoin Cash, Bitcoin Gold and Bitcoin SV were found in the second quarter.

According to the complaint, the money was stolen by an anonymous silk route hacker who did not spend it, but did not return it despite threats from Ulbricht, who learned his identity. On the third. In November, the hacker who called the Face X authorities gave Bitcoin’s address to U.S. law enforcement.

The Silk Road was the most notorious criminal online marketplace of its time. The court case against the founder of the Silk Road in 2015 left a billion dollars’ worth of questions unanswered. What happened to the money? Today’s complaint about the seizure answers, at least in part, this open question. A billion dollars of these proceeds of crime are now available to the United States, Attorney General David L. The United States is not only a victim of crime, he said. Anderson from the Northern District of California.

That’s what it looks like: The manager of Silk Road Market, based in Ireland, was sentenced to a term of imprisonment.

That’s what it looks like: The Silk Road Administrator pleads guilty.

That’s what it looks like: More jail time for a former secret agent who stole Bitcoin.



Ionat Argir is the international correspondent for Security Week.

Previous chronicles of Ionat Argir:

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