US court finalizes mandate for Silk Road’s Bitcoin forfeiture
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...