As reported in an article published in The Guardian on Friday, November 6, 2020, the Government of the United States of America has seized Bitcoin linked to the Silk Road site, the Shuttered Darknet Marketplace worth over one billion dollars, and has demanded the formal confiscation of the funds.

Bitcoin

This is the largest cryptocurrency seizure in history, and we now know a lot about why Bitcoin is changing hands. According to analysts and experts, they exclaimed that the public blockchain transfer and speculation is because of attempts by the Silk Road co-conspirators to collect or collect funds from hackers.

Facts

In fact, the authorities and the justice department have located the true owner of the asset, who is named or called “Individual X”. So many times these attempts were made. In April 2015 they tried to settle a small amount of money, and a bitcoin account sent 101 BTC to a company that provides crypto services and operates without a license and (BTC-e) according to a criminal complaint.

According to David Anderson, the US attorney, “Silk Road is the most notorious market for criminals online today”, no one knows where the money is going. Silk Road prosecutor asks a multi-billion dollar question. Now these billion dollars are in the possession of the United States.

Government authorities did not know about Mr. “Individual X” is not correct. The authorities know of him, he did not work for Silk Road, he may be a hacker. Because it’s possible for someone to hack into Silk Road and gain access and steal the currency from one exchange and move to another wallet that will be under the full control of Individual X.

As mentioned in the investigation, the founder of this site Ross Ulbricht, who is now in jail aware of the online identity of Individual X and is now threatening to return his currency back to his account. But X did not use or spend the currency but kept it safe with him according to the authorities.

The Washington DC cyber-crime cell specializes in tracking digital currency transactions and transfers and continues to increase its ability to combat criminal activity. Kelly R. Jackson, special agent in the IRS criminal investigation department, said. Ci’s experience in tracking cyber-crime is very high.

A blockchain analytics company, “Chainalysis”, helped authorities find and investigate. Authorities used Chainalysis to verify the digital currency bitcoin transaction conducted by Silk Road and found 54 undetected bitcoin transactions showing the procedures they are illegal. All transactions are carried out by a hacker who stole the money from the company and transferred it to another account. To learn more about bitcoin visit Bitcoin Evolution app.

Embracing Bitcoin

The value of the seizure is $1 billion, equivalent to the value of all cash seized by authorities in 2015, according to records. For the first time in seven years, $1 billion in Bitcoins connected to the Silk Road darknet market has changed hands. That has changed the fate of illicit bitcoin fortunes.

Since 2013, 70,000 bitcoins have been stored in the wallet that is visible to the public and have yet to be touched. The site was shut down by the FBI, and they have not moved or used those coins since, but on Tuesday night less than $ 15 was transferred to a new address records show.

Elliptic crypto analyst and chief scientist Mr. Tom Robinson said that through blockchain analysis we can find the exact owner of the bitcoins and determine whether they originate from the Silk Road or not. The amount that is remembered inactive before moving to another account for more than a year and at the time of letting the value of bitcoin was only 350,000 dollars.

Conclusion

This report shows that the authorities are attentive to the numerous activities related to monetary material. And don’t let criminals and terrorists use Bitcoin for their illegal activities. This shows that bitcoin is a safe asset and investors should not be afraid to invest in it. Many large economic public trading companies are now investing in BTC. The announcement of the provision of PayPal services has made the transaction and trade of the single digital currency more secure.