Forbes: The U.S. authorities seized 749 Bitcoins this month related to the Silk Road drug trade
According to Forbes, earlier this month, the U.S. Attorney for the Western District of Texas ordered the seizure of just over 749 Bitcoins, worth about $62.5 million. The order also involved hundreds of thousands of various currencies as well as gold coins and bars.
According to the U.S. Department of Justice, these assets are related to illegal activities carried out by two men, one of whom was a drug dealer on Silk Road and the other helped him launder cryptocurrency. They transferred bitcoins obtained from transactions on Silk Road through multiple different accounts and exchanged them for cash via LocalBitcoins. Some funds eventually flowed into a crypto exchange, which reported these deposits to law enforcement.
This seizure indicates that despite Ross Ulbricht, the founder of Silk Road, being pardoned a day after President Trump took office and is now a free man, those who sell drugs on dark web sites are still under investigation and the U.S. government is still recovering their illicit gains.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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