Crypto News – The U.S. District Court of Appeals for the Ninth Circuit verified the transfer of Bitcoin to government authorities, per a court document.
A Court Orders Seizure of 69.370 Bitcoins from Silk Road
This action comes after a previous decision that recognized the government’s ownership rights to digital assets connected to Silk Road‘s illicit activity. In addition to Bitcoins, the confiscated Bitcoin assets also included Bitcoin Gold (BTG), Bitcoin SV (BSV), and Bitcoin Cash (BCH).
August saw the issuance of the first ruling pertaining to Bitcoin used on the Silk Road. It was the result of the cryptocurrency being seized in 2020 and the U.S. Justice Department‘s following application for its official forfeiture. The seized Bitcoin was worth over $1 billion at the time.
Silk Road Founder Ross Ulbricht is Still in Prison
The first noteworthy movement of these assets since 2015 was the moving of 69,369 Bitcoins from a wallet address, which set off the action. Because the money involved in this movement could be linked to the Silk Road, a website renowned for engaging in the illegal trading of drugs and other illicit goods, it garnered a lot of attention.
In the filing, the respondent was identified as Silk Road founder Ross Ulbricht. After Ulbricht was apprehended in late 2013, the Federal Bureau of Investigation (FBI) shut down the platform’s website. Ulbricht was given a double life sentence in jail plus an additional 40 years, with no possibility of release, in 2015.
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