U.S. authorities seized 749 bitcoins linked to Silk Road drug deals this month
Editor
4 hours ago 1,577
Share to:
According to Forbes, earlier this month, prosecutors in the Western District of Texas ordered the seizure of slightly more than 749 bitcoins, worth about $62.5 million. The order also involves hundreds of thousands of currencies as well as gold coins and bars.
According to the U.S. Department of Justice, the assets are related to illegal activities carried out by two men, one of whom was a drug dealer on the Silk Road and the other assisted him in cleaning up cryptocurrencies. The two of them transferred Bitcoins obtained through the Silk Road transactions through multiple different accounts and exchanged Bitcoins into cash through LocalBitcoins. Some of the funds eventually flowed into crypto exchange Gemini, which reported the deposits to law enforcement.
The seizure shows that although Silk Road founder Ross Ulbricht has now become a freeman after President Trump took office, those who sell drugs on dark web sites are still under investigation and the U.S. government is still recovering their illegal gains.