Cryptocurrency markets have been active in the last hours. The US Government sells Bitcoins (BTC) obtained from the Silk Road event! Here are the details…
US Government sells 9,800 Bitcoins: Will it continue?
As we quoted as Kriptokoin.com, the US Government seized $1 billion worth of BTC in 2021 from the notorious Darknet market Silk Road, which was shut down by the FBI in 2013. The USA, which sold 9,800 Bitcoins, which is equivalent to approximately 237 million dollars on March 14, 2023, plans to sell the remaining 41,490 BTC. The value of these BTCs is approximately 1.18 billion dollars. According to the plan, the US Government will sell 41,490 BTC in four installments.
Instantly, the leading cryptocurrency Bitcoin (BTC) is trading at $ 28,326.61 and a sell action by the US Government could deeply affect the price.
In addition, James Zhong, who was found guilty within the scope of the Silk Road market that shook the crypto money market, is expected to be sentenced on Friday, April 14, 2023 at 15:00. The Probation Bureau has recommended a 24-month prison sentence, and the government acknowledges that there were significant mitigating factors in Zhong’s case, including his youth, autism, and his assistance to law enforcement in accessing billions of dollars in criminal proceeds.
Investigations continue for Silk Road criminal James Zhong!
On the other hand, the government also argues that a prison sentence is necessary in this case, given the seriousness of Zhong’s nearly ten-year-old behavior and the complexity of his post-theft actions to conceal his identity and source of the proceeds of crime. To signal to Zhong and others that such behavior carries little risk beyond simply being asked to pay back what is left of the proceeds of crime. Zhong spent about $16 million of the stolen crypto funds on real estate investments, luxury goods, travel, hotels, nightclubs, and other expenses in the 51 months before law enforcement searched his residence.
The government believes Zhong’s cryptocurrency theft and dark net market incidents warrant jail time, but acknowledges the mitigating factors in his case. Therefore, in this case, a guideline proposes six punishments that are sufficient but not more than necessary to meet the sentencing objectives. The court will make its final decision on Zhong’s sentence on April 14, 2023.
What is the black market “Silk Road”?
Silk Road, a notorious “darknet” black market, was founded and operated by Ross William Ulbricht from about 2011 to 2013. Featured in illegal hacking services, fake identity documents, murder-for-hire or “hitman” services, and money laundering, Silk Road was operated using BTC as the sole form of payment, and all transactions were handled through a Bitcoin “bank” within the marketplace.
To transact on Silk Road, each user had to have a Silk Road account associated with at least one Silk Road Bitcoin address. These addresses were stored in wallets kept on servers controlled by Silk Road. In order to make a purchase, users had to receive BTC and send it to the Bitcoin address associated with their Silk Road account. This unique payment system allowed Silk Road to operate with relative anonymity, allowing its users to engage in illegal activities without being detected by law enforcement.
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