Membership is FREE!   Professional Designations for Business & Technology Professionals

BlockchainCybersecurity

Bitcoin: $1bn seized from Silk Road account by US government

1 Mins read

More than $1bn (£772m) in Bitcoin linked to the notorious Silk Road website has been seized by the US Department of Justice (DoJ).

Earlier this week, crypto-currency watchers noticed about 70,000 bitcoins being moved from an account believed to be linked to the illicit marketplace.

Silk Road was an online black market, selling everything from drugs to stolen credit cards and murderers-for-hire.

It was shut down by the US government in 2013.

The sum is the largest amount of crypto-currency seized to date by the Department of Justice.

On Thursday, US Attorney David Anderson confirmed that the officials had seized the crypto-currency assets.

“Silk Road was the most notorious online criminal marketplace of its day,” he said in a statement.

“The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go?

“Today’s forfeiture complaint answers this open question at least in part. $1bn of these criminal proceeds are now in the United States’ possession.”

The Internal Revenue Service’s Criminal Investigation unit said it used third-party company to analyse Bitcoin transactions that had been executed by Silk Road.

This led it to an address belonging to “Individual X”, who is alleged to have hacked the funds from the marketplace.

Law enforcement officers in turn took control of the sum on 3 November, and the DoJ claims the funds are now subject to forfeiture.

“Criminal proceeds should not remain in the hands of the thieves,” said IRS special agent Kelly Jackson.

In 2015, Bitcoin seized from a different wallet associated with Silk Road was sold at auction by the US government.

Silk Road creator Ross Ulbricht is currently serving two life sentences in prison after being found guilty of money laundering, computer hacking, and conspiracy to traffic narcotics.

Read the Full article…………….

Related posts
CybersecurityLeadership

Making your customer experience seamless in an uncertain world

2 Mins read
The past six months have brought with them a great deal of change. Many businesses saw major disruptions as they managed the…
Cybersecurity

Over 200 Documented Blockchain Attacks, Vulnerabilities and Weaknesses

3 Mins read
By Kurt Seifried, Chief Blockchain Officer at Cloud Security Alliance Blockchain attacks are very hot right now for one simple reason: it’s…
Cybersecurity

The CISO’s Dilemma: Balancing Security, Productivity With a Housebound Workforce

3 Mins read
How are CISOs managing the tug-of-war between IT security and worker productivity in this new, remote-first era? Before the pandemic, remote work was already…
Join BIZTEK

Yes, I have read and live by this Code of Ethics - https://biztek.org/code-of-ethics/. We are BIZTEK, located in Mississauga, Ontario. Business Certification is an important part of doing business in Canada. Join us to set new standards and professionalism to the technology sector. We will email you regarding issues that affect business and technology professionals in Canada. Contact us at info@biztek.org or call us at 647 499 2744. You can unsubscribe at any time.

 

Leave a Reply

Your email address will not be published. Required fields are marked *