What US authorities do with seized currency when an investigation/prosecution is over? Namely, what will happen to Silk Road founder's bitcoins?
In this article from forbes the author mentions that the Department of Justice has seized $3.5 - 4 million dollars worth of bitcoins from the Dread Pirate Roberts. What will become of these bitcoins down the road? Will they just be destroyed, or will the government eventually trade them in on one of the exchanges for cash?
The US Marshals office is in the news lately, because they are auctioning off "20 million dollars worth of bitcoin," retrieved from the recent SilkRoad bust. Why? If the US Marshals already possess "$20 million worth of some currency," why would they auction it off, in essence exchanging it for "less than $20 million worth of another currency"? Don't bitcoin have an exchange rate? Couldn't they just keep the $20 million, rather than auction it off? In another scenario; would the US Marshals office auction off "a large stack of $20 bills," or would they be able to just keep money?
Bitcoin is all about electronic wallets that send digital cash directly to one another. All you need is a Bitcoin wallet address. You never need to know someone's real name. And at the center of ... Silk Road founder Ross Ulbricht turns 36 today, spending his seventh birthday in a row in jail. Ross Ulbricht turns 36 years old today. ... The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We ... What’s more, the $350,000 in bitcoin that Ulbricht had traced to Curtis Green’s account had been stolen, but not by Green. Former Secret Service agent Shaun Bridges had used Green’s identity to steal the money from Silk Road’s account. In addition, he had used Green’s account to steal a further $450,000 from other Silk Road accounts, which he had transferred to his own account. Silk Road founder Ross Ulbricht said that the bitcoin bear market could last until 2021. He asserts that if this was to continue, the price of BTC could drop as low as the $3000 range. He expects the crypto to eventually hit bottom at around $3200 with the bear market lasting until July this year and starting a month earlier in June. While in prison for his crimes, Ross Ulbricht has been ... 144 thousand Bitcoins, which were seized throughout the case, were sold by auction in 4 mails. These Bitcoins were seized from digital wallets on the laptop of Silk Road founder Ross Ulbricht. The first auction was held with 30 thousand Bitcoin in June 2014; The last auction took place in November 2015.
Double Life Sentence for Victimless Crimes: Ross Ulbricht of the Silk Road
Ross Ulbricht, Leader of an economic revolution wrongfully imprisoned by the state for far too long. The USA Government only furthered his cause meanwhile ta... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue This video is unavailable. Watch Queue Queue Ross Ulbricht is creator of Silk road , which happened to be a market place for people who want to trade drug. THis has not been confirmed whether the DRug deals used to happen in the knowledge of ... 10: Pakistani High Court Demands Central Bank to Lift Ban on Bitcoin https://www.reddit.com/r/Bitcoin/comments/j2jiis/pakistani_high_court_demands_central_ba...