THE FEDS SEIZE MORE THAN $1BILLION IN STOLEN BITCOIN!

This is a What’s-Happening-With-Crypto-Today blog post. I found out today that federal prosecutors seized more than $1B worth of BTC that was stolen from the Silk Road Online Marketplace, and that this was the second-largest seizure in DOJ history.👀

The defendant pleaded guilty to wire fraud for tricking Silk Road’s processing system into releasing the funds to his accounts in 2012. Y’all this is wiiiiild! that he was able to do that! And get this … by the time the bitcoin was seized, it was worth more than $3 billion, but of course it has since then lost about two-thirds of its value.

Y’all know I needed to find out more right? lol! The oner of Silk Road was busted and now the person who stold the BTC from the illegal website was also busted. For almost 10 years no one knew where the missing BTC was! It turns out some of the stolen BTC was found on a computer in a popcorn tin stored in a bathroom closet.👀😳. I’m pretty sure dude has some more stashed away somewhere that he’s going to use when he gets out of jail. 😩🤷🏾‍♀️

Back in 2013 when the US government seized Silk Road Online Marketplace (because it was an underground website operating as an illegal drug and money-laundering marketplace), its creator was convicted. Part of the conviction was that Silk Road’s owner/creator would owe multiplied millions to the government in restitution.

But I’m thinking now that they’ve found the missing BTC does that mean that the defendant could use that as part of a get-out-of-jail-free card? I’m not an attorney and I don’t really know but it sure would be interesting to find out!🤷🏾‍♀️

There won’t be a blog post tomorrow, GO VOTE! See you on Wednesday!

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