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Posted: 2020-11-05 19:43:24

Feds seize $1 billion in Bitcoin from mystery man ‘X’

From Jeff at The Ledger – Fortune
Originally published 2020 11 05
The news is remarkable because of the value of Bitcoin seized—the haul is worth around $1.05 billion based on today’s Bitcoin price of $15,000—but also because of the timing and the mysterious nature of the seizure. According to a Justice Department complaint, the digital wallet holding the Bitcoins belonged to a hacker who stole them from the operator of the Silk Road, a notorious black market website that acted as a giant online bazaar for drugs and other criminal activity. The federal government took down the Silk Road and arrested its owner—who is now serving life in prison—in 2013.
The Justice Department seized not only 69,370.22491543 Bitcoins from Individual X, but the same amount in three spinoff currencies known as Bitcoin Cash, Bitcoin Gold, and Bitcoin SV. Together, those other currencies are worth around $30 million. The government hasn’t announced what it will do with the seized Bitcoins, but in the past it has sold them though auctions run by the U.S. Marshals Service, with the proceeds primarily going to law enforcement agencies.
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Tags:Bitcoin