A U.S. Appeals Court Finalizes Forfeiture of Bitcoin Connected to Silk Road
A U.S. appeals court has issued a final mandate formalizing the forfeiture of 69,370 bitcoins and other cryptocurrencies linked to the defunct Silk Road dark web market. The judgment, which was first made in August, will now take effect according to a filing in the U.S. District Court of Appeals for the Ninth Circuit. The filing lists Silk Road founder Ross Ulbricht as a defendant, two claimants, and the U.S. government as a plaintiff.
The crypto had previously been seized by the U.S. government after being handed over by an individual who hacked into Silk Road and gained control of its funds. In 2020, the U.S. Justice Department began seeking the official forfeiture of the crypto, which was valued at over $1 billion at the time.
Behind Bars
Ross Ulbricht, the founder of Silk Road, is currently serving a life sentence in jail. He operated the site from 2011 to 2013, facilitating the sale of drugs and weapons. Ulbricht agreed to use $3 billion in stolen bitcoin to pay off his debt to the U.S. government in 2022 and relinquished his rights to 69,470 bitcoins.
Hot Take: The Final Chapter for Silk Road’s Crypto
A U.S. appeals court has solidified the forfeiture of over 69,000 bitcoins and other cryptocurrencies associated with Silk Road, bringing an end to a long legal battle. This marks a significant victory for the U.S. government in its pursuit of justice against those involved in illegal activities on the dark web market. With Ross Ulbricht already serving a life sentence, this final judgment ensures that the illicitly obtained crypto will not be returned to its original owner. The case serves as a reminder of the legal risks and consequences faced by individuals involved in illegal online activities, especially when it comes to cryptocurrencies.
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