$1 Billion Seize
First reported by Bloomberg, the U.S. is suing for the forfeiture of 69,370BTC ($1Bn+) that they’ve linked to Silk Road. The U.S. stated: “The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go? Today’s forfeiture complaint answers this open question at least in part.” The funds were in the possession of Individual X, a hacker.
The largest marketplace on the dark web, Silk Road ran from 2011 till 2013 and was operated by Ross Ulbricht who is serving a life sentence in prison. Over $1.2Bn worth of illegal sales were made through the marketplace which generated about $80 million in commissions. Right before its downfall, Silk Road was responsible for 1/5th of all Bitcoin transactions.
Bitcoin’s Price Resurgence
Over the past few weeks Bitcoin has surged significantly, bringing its price to over $15,000, a price it has not seen in about three years. Many factors came into play, the main one being the current uncertainty around monetary policy and inflation which pushed multiple corporations to put a portion of their treasury into Bitcoin.
The new address in which the funds seized by the U.S. are held is: bc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6