The 1500#BTCconfiscated by the US Government in the Silkroad incident just moved.
So what is the #Silkroad event?
Silk Road is an online marketplace founded in 2011 that operates via the dark web. In this market, illegal substances, fake documents, weapons and other illegal products were traded. Silk Road used cryptocurrencies like #Bitcoin to keep payments anonymous and difficult to trace.
Ross Ulbricht, founder of Silk Road, made illegal transactions worth millions of dollars using this platform. Bitcoin's relationship with Silk Road emerged when the platform was preferred as the payment method used in illegal activities. Bitcoin has been an attractive option for those trading on Silk Road because it is a cryptocurrency that helps users keep their identities private.
However, with the capture of Ross Ulbricht in 2013, Silk Road's activities were terminated and the platform was closed. Silk Road sparked criticism of cryptocurrencies due to Bitcoin's association with illegal activities and its unregulated nature. However, Bitcoin and other cryptocurrencies also have legal and regulated uses around the world.
As a result of the Silk Road operation, the United States government seized the platform. Ross Ulbricht was arrested in 2013 and subsequently convicted on federal charges in 2015. Some of the millions of dollars worth of Bitcoin obtained were also seized by the FBI. With the closure of Silk Road and the conviction of Ross Ulbricht, the activities of this illegal market came to an end.