Coincronica
News

$3 Billion in Bitcoin to U.S. Government

The US government will receive $ 3 billion in Bitcoin after the criminal case against the founder of the black market Silk Road, Ross Ulbricht, has been successfully completed.

Money for reduced sentences

A court filing from last month states that Silk Road founder Ross Ulbricht is ceding 69,370 Bitcoin and Bitcoin derivatives to the government. The assets worth $ 3 billion will be liquidated in US dollars, according to the document.

In 2020, the US Department of Justice seized the bitcoins and cryptocurrencies of a Silk Road user who described himself as Individual X. The user had stolen the money from Silk Road a few years earlier.

How is the money used?

In order to avoid or minimize a conviction, Ulbricht has agreed to hand over all his crypto assets to the US government. This step will allow the government to compensate all parties involved in the investigation, including those who were personally harmed by Ulbricht’s activities. The report states in more detail:

The parties agree that the net proceeds from the sale of property that has expired under this Agreement will be credited to the outstanding balance of the monetary judgment.

Silk Road was an online marketplace that served individuals as a platform for buying and selling drugs, weapons and other various illegal services. It is believed that the founder of the marketplace, Ross William Ulbricht, earned millions before he was arrested by the FBI.

Not just money laundering as an indictment

In 2013, Ross Ulbricht was found guilty of numerous charges, including money laundering, hacking, selling drugs on the Internet and running a criminal enterprise.

In 2013, the FBI arrested Ross William Ulbricht and accused him of operating the illegal online marketplace Silk Road under the pseudonym “Dread Pirate Roberts”. He was convicted and is currently serving a life sentence.

Mother Ulbricht’s statement

Lyn Ulbricht, the mother of Ross Ulbricht, has reported that she is relieved about Judge Forrest’s change of judgment. Other charges have already been dropped in the past. Charges of financial fraud were dropped after he was sentenced to life in prison. Lyn Ulbricht said:

This is just another reminder that the case against Ross has always been misrepresented and weak, and we look forward to the day when Ross’s unjust judgment will be corrected and he will return to the free world where he can make a contribution to society.

Related posts

Stablecoins Show Vulnerabilities of the Crypto Industry

Kathrin Jung

Ukraine and the European Blockchain Partnership

Kathrin Jung

Avalanche dives into the metaverse

Kathrin Jung

NFT fraud at OpenSea – Coin-Ratgeber.de

Kathrin Jung

Zcash: Edward Snowden part of the developers

Kathrin Jung

Goldman Sachs offers loans secured with Bitcoin

Kathrin Jung