Silk Street founder Ross Ulbricht is forfeiting billions of {dollars} price of Bitcoin (BTC) and different crypto property to the US authorities.
In keeping with a brand new courtroom submitting, Ulbricht will relinquish any declare to over 69,000 BTC and undisclosed quantities of Bitcoin Gold (BTG), Bitcoin SV (BSV) and Bitcoin Money (BCH) price a mixed $3 billion as a part of a settlement.
The huge stash of crypto was initially seized by the U.S. Division of Justice (DOJ) in November of 2020 from an entity identified solely as “Particular person X,” who had reportedly stolen it from the Silk Street a number of years beforehand.
Fairly than claiming the BTC, Ulbricht will forfeit it in alternate for the DOJ clearing his debt of restitution as soon as the Bitcoin is finally auctioned off.
As acknowledged within the courtroom doc,
“Ulbricht hereby agrees that the topic property is topic to forfeiture…
Ulbricht withdraws any declare and stipulates to the forfeiture of the topic property to the USA (administrative or judicial, civil or felony) with out additional discover to him…
The events agree that the online proceeds realized from the sale of topic property forfeited pursuant to this settlement shall be credited towards any unpaid stability of the cash judgment.”
Ulbricht, previously generally known as “Dread Pirate Roberts,” is at present serving two life sentences plus 40 years with out the potential of parole for founding black market e-commerce web site Silk Street.
Ulbricht’s mom informed Wired that the household was happy with the developments, and hopes it’s a step towards her son’s eventual freedom.
“We’re more than happy that the monetary penalty that was wrongly imposed on Ross has been reversed, simply as different false costs towards him had been dropped in federal courtroom after trial…
That is simply one other reminder that the case towards Ross has all the time been misrepresented and weak, and we look ahead to the day when Ross’ unjust sentence is corrected and he returns to the free world the place he can contribute to society.”
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