Silk Road money confiscated
If you have been interested in cryptocurrency for a long time and have watched the development of the cryptoindustry, then you cannot help but remember such a well-known platform as Silk Road. Perhaps, at one time, it was one of the largest sites that accept cryptocurrency. But the direction of the resource’s work, that is, the sale of drugs and weapons, forced the American judicial system to issue two life sentences for the creator of the platform. Nevertheless, even before his arrest, the head of the company, also known as Ross Ulbricht, managed to become a millionaire. However, his money could not be confiscated. Up to this day. After all, it was today that the special services found the dishonest means of Silk Road. We will talk in more detail about such a significant event for the industry. So let’s get started.
Background
First, a little theory for those who do not know the history of one of the most mysterious and dangerous platforms, which in many ways has become the reason for the modern skepticism about the crypto industry. 2011, Bitcoin is not yet known to a wide audience, but has already gained popularity as a confidential means for instant money transfers. The potential of the first coin began to be explored not only by the future creators of altcoins, but also by criminals. One of whom was Ross Ulbricht. He, with his Silk Road platform, quickly introduced Bitcoin as a means of payment for drugs, weapons and forged documents.
Soon, representatives of the special services became interested in the platform, who already in 2013 detained Ulbricht and paralyzed the work of Silk Road. But the problem is that the developers and moderators of the site cannot find money. What is the reason? The platform programmers took care of the implementation of a special solution that made it possible to erase transactions from the company’s internal Blockchain. Thus, in 2013, scammers withdrew about 70 thousand bitcoins to anonymous addresses.
How did the law enforcement officers find the money?
The money was found only today, by the joint efforts of American law enforcement officers and specialists from Chainalysis. Previously, these funds were listed as stolen, but now about a billion dollars have been written off from the accounts of the swindlers. Now the money obtained illegally will be spent on a very legal basis. The funds will go to the US state budget, from where they, as they come in such cases, will be distributed to the needs of the country. This event can be called the finale of the grandiose history of the Silk Road portal. This is the final chapter in the epic about Rosa Ulbricht’s criminal empire. The creator of the platform is serving two life sentences, and we will summarize the results that can be drawn from this news.
Why is the confiscation of Silk Road money so much more important than it seems?
This is a fairly instructive event for all those who plan or conduct illegal activities in the crypto industry. Yes, Silk Road worked for two long years. But even with the technologies of 2013, the organizers were caught. Today, special services use advanced technologies that will definitely not allow fraudsters to go unpunished. And even safely hidden criminal money will be found.
This is why we advise you to think three times before getting involved in the unclean use of Bitcoin. Believe us, the culprits of illegal activities will still be found. It’s not worth it. So the crypto industry is no longer a place for crime, remember this. And follow all the news of the world of Blockchain and technology with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!
