The United States Finalizes The Seizure Of 69,370 Bitcoin (BTC) From Silk Road. They Are Now Worth More Than 3 Billion Dollars

Estados Unidos finaliza la incautación de Bitcoin (BTC) de Silk Road

✍️ 21 December, 2023 - 15:11 👤 Editor: Jakub Motyka

  • The United States Department of Justice has completed the legal process of confiscating 69,370 Bitcoin (BTC) from Silk Road, a dark web platform closed in 2013 for illegal sales of drugs and other products.
  • These confiscated Bitcoin are valued at more than $3 billion, and make the US government one of the largest holders of Bitcoin in the world.
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The US Department of Justice has completed the legal process to acquire the 69,370 Bitcoin (BTC) and other cryptocurrencies seized from the now defunct platform Silk Road.

This process, which culminated in a court decision in August, has recently been formalized before the federal appeals court. The confiscated crypto assets, which were previously controlled by government agencies, are currently valued at over $3 billion.

The Origin Of Silk Road And The Case Of The 69,370 Bitcoin (BTC) Seized In The United States

Silk Road, a platform known for enabling the illegal sale of controlled substances, weapons and other illicit items, was permanently closed in 2013 following an investigation by the FBI.

Ross Ulbricht, the alleged creator of Silk Road, was convicted of money laundering and operating a criminal enterprise. This year, Ulbricht relinquished ownership claims to the confiscated Bitcoin (BTC) and also agreed to forfeit an additional $3 billion in allegedly hacked crypto funds. This agreement was intended to repay a portion of Silk Road's alleged revenue.

Since 2013, US officials have held seized Bitcoin (BTC) in their possession, which were delivered by an unidentified party. In 2020, the Department of Justice initiated a civil forfeiture process based on claims of illicit property.

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