Record $1 billion worth of bitcoin linked to the Silk Road seized by U.S. government
The U.S. government seized an unprecedented $1 billion worth of bitcoin linked to criminal marketplace, the Silk Road.
Thousands of bitcoins were taken by law enforcement this week, in what the Justice Department said was the largest seizure of cryptocurrency in the history of the agency.
"Silk Road was the most notorious online criminal marketplace of its day," U.S. Attorney David Anderson of the Northern District of California said in a civil complaint Thursday. "The successful prosecution of Silk Road's founder in 2015 left open a billion-dollar question. Where did the money go?"
[...] The forfeiture could be temporary though. The U.S. still needs to prove its case before a judge before it can control the bitcoin funds for good.
Also at Ars Technica.
Older: Someone has transferred ~$1 billion from a bitcoin wallet quiet since 2015
Previous silk road coverage.
(Score: 2) by jasassin on Friday November 06 2020, @06:22AM
Dread Pirate Robert's net worth [wikipedia.org] was 28.5 million at the time of seizure.
His only occupational listing is Darknet market operator.
I wonder where the 28.5 million dollar number comes from. Trust fund kid? Something about this smells fishy.
jasassin@gmail.com GPG Key ID: 0x663EB663D1E7F223
(Score: 3, Insightful) by jasassin on Friday November 06 2020, @06:44AM (2 children)
I just ran the numbers. October 1st 2013 when he was apprehended bitcoin was $100. He had a net worth of 28.5 million. That's 285,000 bitcoins. As of today bitcoin has a market value of $15,700. So 285,000 times $15,700 is 4.7 billion dollars. I'm still confused. They seized 1 billion.. what about the other 3.7 billion dollars?
Is my math busted?
jasassin@gmail.com GPG Key ID: 0x663EB663D1E7F223
(Score: 3, Interesting) by takyon on Friday November 06 2020, @08:22AM
I just assumed separate wallets, or some of it has been tied up in the courts system.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 3, Touché) by Joe Desertrat on Saturday November 07 2020, @01:00PM
You'll just keep quiet about that if you know what's good for you...
(Score: 2) by JoeMerchant on Friday November 06 2020, @01:03PM
How many 7 year statutes of limitations apply in something like the Silk Road affairs?
Україна досі не є частиною Росії Слава Україні🌻 https://news.stanford.edu/2023/02/17/will-russia-ukraine-war-end
(Score: 0) by Anonymous Coward on Friday November 06 2020, @01:54PM (2 children)
Bigger than the budgets of entire departments. So where does it go? Just added in the revenue bucket?
(Score: 3, Funny) by Anonymous Coward on Friday November 06 2020, @02:25PM
Trump's second inauguration. It's going to be BIG!
(Score: 2) by epitaxial on Friday November 06 2020, @06:50PM
Nowhere as you can't sell them all without tanking the market. You'd have to sell off tiny lots incrementally.
(Score: 0) by Anonymous Coward on Friday November 06 2020, @07:36PM (1 child)
"criminal marketplace, the Silk Road." oh stfu! the banksters and the pigs are the criminals!
also, this is why people should be using a privacy coin like monero instead of the infinitely trackable ans seizable bitcoin.
(Score: 1, Insightful) by Anonymous Coward on Saturday November 07 2020, @01:17AM
It's true.
It is amazing how much time, energy, and resources the government will put in to tracking down these "criminals" to seize $1B, yet there are corporations and even individuals making tens of billions (maybe more) and paying little, in some cases zero dollars in taxes (or any other net positive contribution back to society). It's okay for rich fucking assholes to profit and exploit others, but oh no, we can't have someone poor try to do the same damn thing.
Civil forfeiture of someone who is actually innocent adds insult to injury and that is a whole other topic.
I'm not saying the Silk Road people are completely innocent, but this truly is a double standard to say the very least.