Earlier in November 2020, information broke out of $1 billion in bitcoin being transferred out of an unknown pockets that had been dormant since 2015. Individuals world wide began to invest as to who might have achieved such a factor.
Now, the U.S. authorities has come ahead to say that it was accountable for the much-talked-about transaction. The seizure that noticed hundreds of Bitcoins captured from the darkish internet drug market Silk Highway represents the most important seizure of cryptocurrency within the historical past of the Division of Justice.
“Silk Highway was probably the most infamous on-line felony market of its day,” mentioned U.S. Legal professional Anderson in a press release.“The profitable prosecution of Silk Highway’s founder in 2015 left open a billion-dollar query. ‘The place did the cash go?’ At the moment’s forfeiture criticism solutions this open query a minimum of partly. $1 billion of those felony proceeds are actually in america’ possession.”
Silk Highway was utilized by infamous criminals to purchase and promote medicine and different unlawful items. Bitcoin was used prominently for these transactions attributable to its potential to anonymously fund these actions.
Fortunately, Silk Highway was closed by U.S. federal authorities in 2013. On the time of its closure, Silk Highway had almost 13,000 listings for medicine and different unlawful companies together with homicide for rent. Its founder Ross Ulbricht was convicted of seven felony counts, together with conspiracy to distribute narcotics and cash laundering, and sentenced to life in jail in 2015.
However how was the bitcoin seized? A while in 2012 or 2013, an “Particular person X” allegedly hacked into Silk Highway’s funds system. Ulbricht then threatened the hacker for the return of the cryptocurrency with no luck. On November third, Particular person X agreed to switch the funds to the U.S. authorities. It stays unknown whether or not Particular person X was arrested or whether or not he carried out the switch of his personal volition.
In October of 2021, Bitcoin breached its $64,900 April ceiling, surging previous $65,000. To know extra about cryptocurrencies and the place they could go in close to future, give this a learn.