U.S. Court Formalizes Forfeiture of 69,370 Bitcoins from Silk Road

• After Ulbricht was arrested in late 2013, the platform was forced shut down by the FBI.
• A wallet address holding exactly 69,369 BTCs saw its first transfer since 2015 recently.

A U.S. appeals court ruled 69,370 bitcoins and other cryptocurrencies associated with the defunct Silk Road dark web bazaar to be forfeited on Wednesday, December 20. The original ruling from August has now been adhered to, according to a filing made on Wednesday in the United States District Court of Appeals for the Ninth Circuit.

The defendants in the court filing include Silk Road creator Ross Ulbricht, two claimants, and the plaintiff is the United States government. After acquiring the cryptocurrency from an enigmatic individual going by the name of “Individual X,” the United States government has taken possession of it and now is completing the forfeiture.

All Eyes on Next Move

The government’s control over the confiscated digital assets linked to the infamous dark web marketplace is further shown by the conclusion of this court procedure. Moreover, Bitcoins seized from the Silk Road have been sold by the US government throughout the year.

From 2011 to 2013, Ross Ulbricht—now serving a life sentence—founded and oversaw the infamous internet bazaar known as Silk Road. After Ulbricht was arrested in late 2013, the platform was forced shut down by the FBI. It had also enabled the unlawful sale of guns and narcotics.

Additionally, Ulbricht settled his obligations with the United States government to the tune of $3 billion in 2022 after reaching an arrangement to hand over stolen bitcoin. In addition, he gave up ownership of 69,470 Bitcoins as part of the deal. A wallet address holding exactly 69,369 Bitcoins saw its first transfer since 2015 a few days ago. The investors are curious on whether the government will hold or sell off the seized bitcoins.

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