👉U.S. court approves forfeiture of 69K BTC in Silk Road case
Silk Road hacker as James Zhong. Zhong, now 32, was sentenced to a year in federal prison in April.
On July 12, a cryptocurrency wallet linked to the United States Department of Justice (DOJ) conducted several transactions, moving about 9,825.25 Bitcoin valued at approximately $299 million, connected to Silk Road.
Crypto analysts closely track the movements of the funds, as market participants frequently speculate about the possible impact any large sale by the U.S. government could have on Bitcoin’s price.
Ross Ulbricht, sentenced to life in prison, established and ran the Silk Road from 2011 to 2013, a platform notorious for selling drugs and weapons. The FBI closed the site after Ulbricht’s arrest in late 2013.
In 2022, Ulbricht agreed to utilize $3 billion worth of stolen Bitcoin to settle his debt to the U.S. government. Additionally, he waived his claim to 69,470 Bitcoin.
