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Home Markets Cryptos

U.S Government makes biggest crypto grab, worth $1 billion

Olumide Adesina by Olumide Adesina
November 6, 2020
in Cryptos, Spotlight
Over $500 million dollars worth of Bitcoins withdrawn from BitMEX
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The U.S. Justice Department released a statement, yesterday night, which disclosed that it seized over $1 billion worth of bitcoin associated with a shady online marketplace – Silk Road.

Thousands of BTCs worth $1 billion were seized by the United States law enforcement agencies this week, in what the Justice Department disclosed was the largest seizure of cryptocurrency in the history of the agency.

READ: Bitcoin whale transfers $105 million worth of crypto, BTC trading at $15,800

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The United States government will now try to prove in court the items are subjected to forfeiture. In the past, the government has later auctioned off forfeited cryptocurrencies.

In a report credited to CNBC, the U.S. Attorney David Anderson of the Northern District of California said in a civil complaint on Thursday,

“Silk Road was the most notorious online criminal marketplace of its day. The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go?”

READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84

What you should know

Silk Road is a shady marketplace, where individuals use the online platform for buying illegal stuff that includes hard drugs, child pornography, malware, and use bitcoin in paying for such transactions.

The platform had earlier been shut down by U.S. federal authorities in 2013 and its Founder, Ross Ulbricht, was sentenced to life in prison two years later.

READ: U.S Department of Justice sets strategy targeted at crypto criminals

How did the crypto seizure happen?

The U.S. enforcement agencies were able to make such seizure through a unit within the Internal Revenue Service that specializes in tracking virtual currency transactions prevalent when using cryptos.

The Internal Revenue Service agents were able to identify 54 new bitcoin transactions executed on the shady platform.


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Tags: BitcoincryptoRoss UlbrichtUnited States Justice Department
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 2

  1. Ujah Gabriel says:
    November 6, 2020 at 10:20 am

    How can I started trading

    Reply
    • Anonymous says:
      December 6, 2020 at 8:33 am

      Download “Coinbase” app on your phone!! ^^

      Reply

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