US Officials have Seized Bitcoin Worth over 1 Billion

News • 2020/11/06 • by

The Justice Department in the states has now seized a large volume of Bitcoin. They said the 1 billion USD worth of bitcoin was stolen from the Silk Road dark market.

This seizure will leave a history in the cryptocurrency world because it is the largest seizure ever to happen.

Soure: Bloomberg

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US officials start a fresh search for Bitcoins related to 1 Billion USD Silk Road scam

A new investigation has led to the discovery of new hidden wallets and transactions.

The study started some days after a considerable amount of bitcoin was moved from an anonymous wallet.

Results from investigations showed that 54 bitcoin transactions in the past have been undetected and unlawful. This means they were stolen from the Silk road some seven years back. The allegation showed that the transactions were in Bitcoin and connected to an individual X. further investigation revealed that these funds were hacked funds.

The value of the hacked funds from Silk Road was estimated to be around 1 billion USD. Some documents tendered at the court also showed that Ross Ulbricht (founder of Silk Road) identified the person and gave threats so the individual can return it. However, Individual X didn’t heed and kept the coin without spending.

The identity of Individual X has been known to the court since the 3rrd of November. However, the person has agreed to forfeit the property to the US.
However, David Anderson, a US attorney, left a question: “Where is the money.” So, *where do you think the money is? *

Source: Cointelegrah.

Comments (6)

Guest

visiblemoney

6 years ago

The money should be traced through the investigating reports of the anti-graft agency that discovered the hacked fund.

omogbai

6 years ago

When government officials seized thousands of bitcoins from Ulbricht when he was arrested seven years ago, they auctioned off cryptocurrency in 2014 and 2015. It's unclear whether the Justice Department will do the same with this week's seizure.

exodusab

6 years ago

Bitcoin is a virtual currency is traded across the internet; it isn't connected to an established government or private organization. Because they aren't housed in banks, bitcoins are hard to track, making the cryptocurrency ripe for hacking or usage in illegal activity. Where did the money go? $1 billion of these criminal proceeds are now in the United States' possession."