The US government has seized over $1 billion worth of bitcoins connected to the defunct darknet marketplace Silk Road and is seeking formal forfeiture of the funds. This represents the largest cryptocurrency seizure in history.
The Department of Justice revealed that it had tracked down the real holder of the funds, referred to as "Individual X," who gained unauthorized access to Silk Road and stole the illicit cryptocurrency. The government aims to prove in court that the seized cryptocurrency is the proceeds of a criminal act.
The value of the seizure is equivalent to the total value of all cash and cash equivalents seized by the federal government in 2015.
US Government Seized $1bn Bitcoins Tied to Silk Road Darknet
The US government has seized over $1 billion worth of bitcoins connected to the defunct darknet marketplace Silk Road and is seeking formal forfeiture of the funds. This represents the largest cryptocurrency seizure in history.
The Department of Justice revealed that it had tracked down the real holder of the funds, referred to as "Individual X," who gained unauthorized access to Silk Road and stole the illicit cryptocurrency. The government aims to prove in court that the seized cryptocurrency is the proceeds of a criminal act.
The value of the seizure is equivalent to the total value of all cash and cash equivalents seized by the federal government in 2015.
(https://www.theguardian.com/technology/2020/nov/06/us-seizes-1bn-in-bitcoin-linked-to-silk-road-site - original article summarised by ChatGPT 3.5)