Crypto

Silk Road Founder’s Bitcoin Wallets Worth $47M Remain Untouched

KeyTakeaways:

  • Bitcoin wallets linked to Ross Ulbricht maintain $47M however are inaccessible.  
  • DOJ has seized 174,000 BTC from Ulbricht, price $18.4B immediately.  
  • Ulbricht was lately pardoned after double life imprisonment.  

Bitcoin wallets linked to Ross Ulbricht, the founding father of the Silk Street market, are reportedly nonetheless price $47 million. Analyst Conor Grogan disclosed that these wallets stay untouched, even after Ulbricht’s current launch from incarceration. 

Regardless of the U.S. Division of Justice (DOJ) confiscating 174,000 Bitcoin straight and not directly from Ulbricht, dozens of wallets tied to him live on with important holdings.  

The Bitcoin in these wallets primarily consists of mud, tiny, unspendable quantities which have appreciated considerably over time. These quantities have grown exponentially in worth attributable to Bitcoin’s meteoric rise since Ulbricht’s arrest in October 2013. On the time of his arrest, Bitcoin was buying and selling at roughly $130. 

Regardless of their worth, Grogan believes it’s unlikely that Ulbricht can entry the personal keys wanted to unlock these wallets. The wallets’ continued inaccessibility leaves the Bitcoin successfully dormant.  

DOJ Seizures and Market Income

The DOJ has confiscated a considerable portion of Ulbricht’s Bitcoin, seizing roughly 174,000 BTC over time. At immediately’s costs, this quantity could be price roughly $18.4 billion. These seizures had been a part of the federal government’s efforts to dismantle the Silk Road, a darkish net market facilitating illicit transactions.  

Silk Street generated a whole bunch of hundreds of thousands of {dollars} in gross sales throughout its operation, incomes about $13 million in Bitcoin commissions. The platform’s closure marked a big occasion within the historical past of cryptocurrency and on-line felony exercise.  

Public Response to Ulbricht’s Launch

Ulbricht, who was sentenced to double life imprisonment plus 40 years in 2014, was lately pardoned. His launch has sparked blended reactions. Whereas some libertarian segments of the Bitcoin group welcomed the choice, others criticized it attributable to his function in enabling felony actions by the Silk Street.  

Earlier immediately, a supporter donated one Bitcoin to a fund established to help Ulbricht following his launch. The fund goals to offer monetary assist as he transitions to life outdoors of incarceration.  

Show More

Related Articles

Leave a Reply