Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»BLOCKCHAIN NEWS»U.S. appeals court approves seizure of $3 billion worth of Bitcoin from Silk Road
BLOCKCHAIN NEWS

U.S. appeals court approves seizure of $3 billion worth of Bitcoin from Silk Road

By Crypto FlexsDecember 22, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
U.S. appeals court approves seizure of  billion worth of Bitcoin from Silk Road
Share
Facebook Twitter LinkedIn Pinterest Email

The U.S. Court of Appeals for the Ninth Circuit recently concluded a landmark legal proceeding that formally authorized the seizure of 69,370 bitcoins and other assets. cryptocurrency From Silk Road, a defunct dark web marketplace. This judicial action implements a previous ruling that recognized the U.S. government’s legitimate claims over digital assets linked to Silk Road’s notoriously illegal activities.

The origins of this case date back to 2020, when the U.S. Department of Justice (DOJ) seized cryptocurrency worth more than $1 billion. Following this seizure, a legal application was filed for formal confiscation of the assets. The market value of the Bitcoin seized at the time of the seizure was over $1 billion, but has since been valued at more than $3 billion.

Founded and run by Ross Ulbricht from 2011 to 2013, Silk Road gained notoriety as an online platform selling drugs, weapons and other illegal goods. In 2013, the FBI intervened, the site was shut down, and Ulbricht was arrested. Ulbricht was subsequently found guilty of money laundering and operating a criminal enterprise. In a significant move, Ulbricht agreed to use $3 billion worth of stolen bitcoins to offset his debt to the U.S. government in 2022 and gave up ownership of 69,370 bitcoins.

Silk Road’s Bitcoin story also includes an individual known as “Individual X,” later identified as James Zhong. Zhong hacked Silk Road and took control of its funds. Last April, he was sentenced to federal prison for his actions. In particular, last July, a DOJ-related cryptocurrency wallet executed transactions involving approximately 9,825.25 Bitcoins worth approximately $299 million linked to Silk Road.

The US government, which currently owns these Bitcoin assets, places them under the custody of various federal agencies, including the DOJ and the Internal Revenue Service (IRS). Due to various illegal activities, the total value of Bitcoin assets currently held by the U.S. government is estimated at approximately $5.4 billion.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Hyperliquid launches USDH Stablecoin issued by Native Markets

September 25, 2025

The new gold protocol of the BNB chain is due to the $ 2 million launch day nucleus.

September 20, 2025

Rabby Wallet integrates XRPL EVM chain with peersyst

September 15, 2025
Add A Comment

Comments are closed.

Recent Posts

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Are you doing a fair deal?

September 25, 2025

The method of transforming ASTER WHALES into panic is as follows.

September 25, 2025

Hyperliquid launches USDH Stablecoin issued by Native Markets

September 25, 2025

Hyperliquid’s USDH Stablecoin is broadcast live at an early transaction volume of $ 2M or more.

September 24, 2025

One All-Powerful Asset Across Two Ecosystems

September 24, 2025

BTCC Exchange Partners With NBA All-Star Jaren Jackson Jr. To Inspire Smarter Moves In Sports And Crypto

September 24, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025
Most Popular

According to analyst Henrik Zeberg, Bitcoin is set to surge as indicators signal strong momentum for BTC.

December 4, 2023

Ethereum analysts believe the price will rebound immediately after spot ETF approval: Here’s why.

June 19, 2024

Bitcoin Up $1.2K in 1 Hour as BTC Price Rebounds on Ether ETF Launch

July 24, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.