Silk Road‘s founder, Ross Ulbricht, is poised to lose billions of dollars worth of Bitcoin (BTC) and other crypto assets to the US government.
According to a new court filing, Ulbricht has more than 69,000 Bitcoin (BTC) and an undisclosed amount of Bitcoin Gold (BTG), Bitcoin SV (BSV), and Bitcoin Cash (BCH) will waive claims over $3 billion in total assets as part of the settlement.
Such a large crypto-asset store was initially reported by the US Department of Justice (DOJ) to have stolen Silk Road from an organization known simply as “Individual X” in November 2020, a few years ago.
Rather than claiming a claim on the Bitcoins, Ulbricht will lose in exchange for the DOJ clearing its refund debt after the Bitcoin is auctioned.
In the court document, this situation was explained in the following words:
“Ulbricht acknowledges that the property in question is subject to loss. Ulbricht withdraws any claim and has agreed to provide for the loss of the property in question to the United States (administrative or judicial, civil or criminal) without further notice to him. The parties agree that the net proceeds from the sale of the subject property forfeited pursuant to this Agreement shall be credited to any outstanding balance of the money settlement. ”
Dread Pirate Roberts Ulbricht, also known as Ulbricht, is currently serving two life sentences plus an additional 40 years in prison.
Ulbricht’s mother believes the family is happy with the progress and is a step towards her son’s ultimate freedom.
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