US Government Announces it Will Sell $25 Million Worth of Silk Road Bitcoins
The 29,655 bitcoins seized by US law enforcement agents from defunct online black market Silk Road will be liquidated by the US government, a 16th January press release from the US Attorney's Office of the Southern District of New York confirmed. US District Judge J. Paul Oetken signed off on the forfeiture order on Thursday, clearing the government to sell the assets, which as of press time are worth more than $25m. While no timetable for the sale was issued, the development brings the government one step closer to unloading its Silk Road holdings, estimated to be 1.5% of all bitcoins,....
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On November 3, 2020, the cryptocurrency community noticed that one of the largest addresses holding 69,369 bitcoins from the Silk Road were transferred. Following the onchain movement, the U.S. government revealed it had seized the coins from a person they dubbed “Individual X.” The following is an in-depth look at what we know about the Silk Road bitcoin address that was seized by U.S. law enforcement. This week on election day in the U.S., American law enforcement officials seized 69,369 bitcoins worth over $1 billion today. The bitcoin address is a well known address and....
50,000 Bitcoins are going to be auctioned in the coming weeks. Despite the fact that Ross Ulbricht is not scheduled to stand trial until after the holiday season, the US Marshal's Service is going ahead with a second round of their Silk Road Bitcoin Auction. These Bitcoins that are currently being sold through the beginning of December likely belong to Ross Ulbricht himself, not Silk Road or Silk Road users. In January, Ross Ulbricht and his lawyers signed a court order that allowed the USMS to sell Bitcoins belonging to Silk Road and all property traceable from said crime, "including but....
The U.S. government has seized over $1 billion in bitcoin from previously undetected transactions associated with the Silk Road marketplace and is now seeking the forfeiture of the cryptocurrency. US Confiscates $1 Billion in Bitcoin From Silk Road The U.S. government has filed a lawsuit seeking the forfeiture of bitcoin currently worth over $1 billion that it seized on Tuesday, according to the court document. The Department of Justice said on Thursday that this bitcoin seizure is the largest the U.S. has ever made. The “Defendant Property” seized includes bitcoin and its....
Now that an all-star attorney has been selected for the Silk Road operator's defense, the big show moves to key disclosure laws and whether the Silk Road assets can ever be confiscated by the government. While the government presumably has control over the 26,000 or more bitcoin held in escrow for Silk Road customers, the larger asset base is the primary bitcoin addresses containing over two years worth of operating commissions. FBI estimates place this amount at nearly 600,000 bitcoin (currently worth $80m), however it is probably significantly less than 600,000 since earlier bitcoin was....
This article has been updated with new details on how interested bidders can register for the auction. The US government is preparing to auction off roughly 30,000 bitcoins appropriated from the Silk Road online black market. The bitcoins, worth approximately $17,898,600 at current market prices, are currently being held in two wallets owned by the US Marshals Service. The auction will be held on 27th June from 06:00 to 18:00 (EDT), according to a press release published by federal government. In a statement, the US Marshals Service said: "The bitcoins offered in this auction have been....