The US has initiated a judicial forfeiture action to seize approximately 69,370 units of various cryptocurrencies, including $BTC and its derivatives ($BCH, $BTG, and $BSV). 🚓
The government’s action targets cryptocurrencies obtained from a specific Bitcoin address, alleging connections to criminal activities such as conspiracy, computer hacking, narcotics sales, and money laundering.
The cryptocurrencies are linked to Silk Road, an infamous online black market operational from 2011 to 2013, known for illegal drug sales and using Bitcoin for transactions. The plaintiff is the United States, with the defendant’s property being the cryptocurrencies in question.
Post the 2013 seizure of Silk Road and the 2015 conviction of its creator, Ross Ulbricht, these cryptocurrencies were allegedly stolen and traced to the defendant’s Bitcoin address.
An individual, referred to as Individual X, is alleged to have hacked Silk Road, transferring the stolen cryptocurrencies to their possession. In a significant turn, Individual X consented to the forfeiture of these assets to the U.S. government in November 2020.
The U.S. government argues for the forfeiture of these cryptocurrencies, citing their use in and derivation from illegal activities, including narcotics trafficking and money laundering. 🚔