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Silk Road

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 <p class="is-style-lead">The U.S. Court of Appeals has approved a confiscation order for cryptocurrencies associated with the darknet platform Silk Road.</p>
 <p>The resolution was adopted on Dec. 20. The <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> approved the confiscation of 69,370 Bitcoins (BTC) and other cryptocurrencies as part of the Silk Road case. The defendants include Silk Road founder Ross Ulbricht and the U.S. government as plaintiffs.</p>
 <p>Even though the decision was made in August, it will only come into force after the U.S. Court of Appeals ruling. According to the initial complaint, the U.S. government controlled the cryptocurrency after it was transferred by so-called “Individual X,” who hacked Silk Road and gained control of its funds.</p>
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 <p>In 2020, the U.S. Department of Justice seized and began seeking formal confiscation of the cryptocurrency, valued at more than $1 billion (more than $3 billion at current rates). Ulbricht was taken into custody on Oct. 2, 2013. In 2015, a U.S. <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> sentenced him to two life sentences plus 40 years without parole.</p>
 <p>Confiscated Bitcoins make the U.S. government one of the largest holders of BTC. It owns about 195,000 BTC, almost 1% of the total supply. Most of the assets held in government accounts have been confiscated from cyber criminals.</p>
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   <img decoding="async" width="1024" height="361" src="https://cdn.thebittimes.com/images/2023/12/21/c20d05e3cd77ebc6674ac7f191682d4f.webp" alt="US court&nbsp;finalizes mandate for Silk Road's Bitcoin forfeiture - 1"> 
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   Source: 21.co
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 <p>Funds are stored offline in hardware wallets and are controlled by the Department of Justice (DoJ), the Internal Revenue Service (IRS) and other agencies. When a government agency takes control of a cryptoasset, it does not immediately become U.S. property. The <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> issues a confiscation order, the government takes ownership and transfers the asset to the U.S. Marshals Service, which subsequently liquidates it – converting it into fiat money.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-court-finalizes-mandate-for-silk-road-s-bitcoin-forfeiture-tbt74379.html">https://thebittimes.com/us-court-finalizes-mandate-for-silk-road-s-bitcoin-forfeiture-tbt74379.html</a></p>

US court finalizes mandate for Silk Road’s Bitcoin forfeiture

TheBitTimes

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