24webnews

24 hour news updates

US authorities seize $1 billion worth of Silk Road Bitcoins

2 min read
https://www.engadget.com/us-authorities-seize-1-billion-road-bitcoins-061320989.html

The DOJ states Individual X concurred to hand over the coins they took after authorities tracked them down, signing a Consent and Agreement to Forfeiture with the Northern District of Californias US Attorneys Office on November 3rd. Its worth noting that Ulbricht was aware of the hackers online identity and supposedly threatened them for the Bitcoins return.

.
” Ulbricht ended up being aware of Individual Xs online.
identity and threatened Individual X for return of the cryptocurrency to Ulbricht. Individual X did not.
return the cryptocurrency however kept it and did not spend it.”.

The DOJ didnt reveal what it prepares to do with the huge pile of digital coins, however the government auctioned off the other Silk Road-related coins it formerly seized. How much the government can receive from it remains to be seen, however, given that launching a lot of Bitcoins to buyers might lower its value.

— Alon Gal (Under the Breach) (@UnderTheBreach) November 5, 2020.
.

They identified that Ulbricht didnt make those transactions and that they were carried out by a hacker theyre referring to as “Individual X” who stole the Bitcoins in 2012 and 2013.

US Attorney Anderson stated in a declaration:
” Silk Road was the most well-known online criminal marketplace of its day. The effective prosecution of Silk Roads founder in 2015 exposed a billion-dollar concern. Where did the cash go? Todays loss complaint answers this open question a minimum of in part. $1 billion of these criminal profits are now in the United States possession.”
The Internal Revenue Services Criminal Investigation system was responsible for finding the 69,000 seized Bitcoins. Agents from the system began analyzing Silk Roads digital wallets previously this year and found 54 formerly undiscovered transactions. They determined that Ulbricht didnt make those deals which they were conducted by a hacker theyre referring to as “Individual X” who stole the Bitcoins in 2012 and 2013.

The DOJ states Individual X consented to turn over the coins they stole after authorities tracked them down, signing a Consent and Agreement to Forfeiture with the Northern District of Californias United States Attorneys Office on November 3rd. Its worth noting that Ulbricht understood the hackers online identity and allegedly threatened them for the Bitcoins return. Individual X, however, declined to give in– they simply rested on that huge amount of cash and didnt spend it.

Leave a Reply

Your email address will not be published. Required fields are marked *

en English