The United States Court of Appeals for the Ninth District formally ordered the confiscation of more than 69,000 bitcoins (BTC) and other crypto assets from the Silk Road case, one of the most controversial dark web marketplaces of the last decade.
I agree with you court documentson Wednesday, December 20, the court formalized the seizure of a total of 69,370 bitcoinsgiving entry into force to the measure that was taken for the first time in August of this year.
The US government already had control over Silk Road bitcoins. In November 2020, it was learned that that country had 69,370 BTC in custody, after a mysterious and unidentified person agreed to confiscate the BTC.
Although, also, in 2022 it was learned that the United States had seized more than 50,000 bitcoins related to Silk Road, as reported by CriptoNoticias.
In any case, since 2020, the United States Department of Justice began its crusade to confiscate BTC from Silk Road, a site that was closed by the Federal Bureau of Investigation (FBI) in 2013.
At that time, the value of bitcoins in North American currencies was expressed in just over a billion dollars. Today, the holdings They are equivalent to about USD 3,000 million.
All movements of bitcoins linked to Silk Road are constantly monitored, considering that a hypothetical liquidation of BTC in the custody of the US government, could translate into a severe impact on the market and the price of the decentralized digital asset.
Due to the seizure of SIlk Road’s bitcoins and the others that the United States has already done, The North American country became a real whale. In fact, the US holds more BTC than MicroStrategy, which is one of the companies that has invested the most in bitcoin.
Silk Road was an online marketplace that operated on the dark web and used bitcoin to facilitate commerce of drugs, weapons and other illegal products. It was founded in 2011 by Ross Ulbricht, who was arrested and sentenced to life in prison in 2015.