2023-12-22 12:41:39
We reached the end of a significant phase in a long, long story on December 20, when the United States Court of Appeals for finalized it confiscation of 69370 bitcoins. The seizure related to Silk Road, i.e. the Silk Road dark web online marketplace, is also the largest seizure in the history of the largest cryptocurrency.. The name of the now defunct Silk Road marketplace was intertwined with bitcoin at the same time, and it is partly due to it that cryptocurrencies were associated with illegal activities for quite some time.
The history of Silk Road has reached a turning point, but it is far from over
Ever since US authorities hunted down the marketplace, they have been working to get access to the bitcoins collected during Silk Road’s operations. Their efforts were ultimately successful, and on Wednesday, December 20, the US Court of Appeals for the Ninth Circuit upheld federal custody of the seized bitcoin. Originally, the US Department of Justice (DOJ) seized these coins, then worth more than $1 billion, in 2020. It’s not just regarding bitcoins, the DOJ seized Bitcoin (BTC) as well as Bitcoin Cash (BCH), Bitcoin Gold (BTG) and Bitcoin SV (BSV) coins.
Of course, the seizure and recovery itself did not go well for the office in general. The biggest step in the whole process was the arrest of James Zhong, the hacker who hacked Silk Road in 2012 and stole 50,000 BTC from it. As part of his plea deal, he admitted the theft and handed over the bitcoin to the authorities. In any case, the event did not greatly affect the BTC price ( BTC PRICE ), it keeps the level around $43,700 stable. Its trading volume rose from 11 billion dollars on Wednesday, December 20, to more than 26 billion dollars today. This upswing came amid the predictions of various industry experts and analysts. According to them, the current trading price of BTC may not be sustainable for long.
1703252512
#BTC #government #Silk #Road
