Ethereum News Daily Official TheBitTimes.com

The U.S. Court of Appeals has approved a confiscation order for cryptocurrencies associated with the darknet platform Silk Road. The resolution was adopted on Dec. 20. The court 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. 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. You might also like: 10 high-profile crypto fraud cases that aren’t Bankman-Fried’s 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 o...

The US government has acquired a significant amount of Bitcoin through various seizures and transfers over the years. Court filings indicate that as of March 27, the US government held over 205,000 BTC, making it the largest known holder of the cryptocurrency. Among these seizures, a substantial amount was obtained from an individual, referred to as X, who had connections to the Silk Road marketplace. This resulted in the US government acquiring 69,369 BTC. Additionally, a further 50,000 bitcoin s were seized from James Zhong, who is also linked to the Silk Road. Also read: Pepe Coin Price Plunges By 17% Amidst Sell-Off The US government sold 9,861 Bitcoin in March. Now, according to the latest data, the two wallets that belong to the US government have transferred Bitcoin worth over $300 million. Source: Blockchain.com US government moves Bitcoin worth over $300 million According to the on-chain data, over $300 million worth of BTC was moved in three s...