U.S. authorities seized 749 bitcoins linked to the Silk Road drug trade this month
On March 13, according to Forbes, earlier this month, the U.S. prosecutor for the Western District of Texas ordered the seizure of just more than 749 bitcoins worth approximately US$62.5 million. The order also covers hundreds of thousands of various currencies, as well as gold coins and gold bars. According to the U.S. Department of Justice, the assets were linked to illegal activities carried out by two men, one of whom was a Silk Road drug dealer and the other who assisted him in laundering cryptocurrencies. The two of them transferred bitcoins obtained through Silk Road transactions through multiple different accounts and exchanged bitcoins for cash through LocalBitcoins. Some of the money ended up flowing into the crypto exchange Gemini, which reported the deposits to law enforcement. The seizure shows that although Silk Road founder Ross Ulbricht was pardoned one day after President Trump took office and is now a free man, those who sell drugs on dark web sites are still under investigation and the U.S. government is still recovering their illegal gains.
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