Silk Road, Ulbricht Pays 69,370 Bitcoin and Punishment Reduced!

Ross Ulbrichtcreator Silk Road, The darknet network that used the site to sell drugs, forged documents and other illegal activities, was indicted on 2015 Life imprisonment without parole, and on this occasion I was also ordered to return the favor 183 million dollars Calculated on the basis of proceeds obtained from illegal sales on the web.

However, Ulbricht, who remains in prison serving a life sentence, will at least see his $183 million debt cancelled thanks to a new agreement signed with US Department of Justice, After confiscating $3 billion in Bitcoin Connected to a hacker’s crypto wallet Silk Road remains unknown

In fact, a series of documents from the court revealed that in 2020 it was seized from a private crypto wallet connected to a member of the Silk Road network. 69370 Bitcoin.

The Bitcoin The confiscation will be offered for sale and the proceeds will be used in part to pay off debts that the Silk Road builder has with the US authorities, in return Ulbricht It waives any kind of claim on possession of BTC.

69,370 bitcoins have been confiscated and linked to the Silk Road network run by Ross Ulbricht

towards Ross OlbrichThe American judicial system, the founder and operator of the Silk Road, has never been lenient by condemning him 2015 Life imprisonment without the possibility of parole, refusal of the request for release and the refusal of the requested pardon.

It was a step forward, at least in an economic sense, because Ulbricht was sentenced to refund an amount equal to 183 million dollars It will witness the cancellation of its debt, after the confiscation of a huge amount of bitcoins connected to the Silk Road network, which will be used to pay the amount.

Ulbricht has in fact entered into an agreement with the attorney general responsible for the case in which she undertakes to waive any claim to possession of the Bitcoin kidnapped In return, his religion is abolished.

sale 69370 Bitcoin The hold is to be used in part to pay off Ulbricht’s debts.

New agreement between Ross Ulbricht and the US Department of Justice. What will be the future of hacked bitcoins?

The charges against Ulbrich for which he was sentenced Two sentences for life It’s heavy because he founded and ran the well-known Silk Road, a dark network or black market on the Internet for the sale of drugs, forged documents, and other smuggling activities.

.’s website Silk Road Founded in 2011 and has been closed by FBI In 2013 and in her three-year lifespan, she made up to $200 million in proceeds from illegal activities.

According to the US authorities you are dead With absolute certainty attributable to pharmaceutical sales activities managed through the Silk Road website.

However, after Ross Ulbricht’s conviction, friends and fans of the Silk Road founder formed a movement and carried out a four-year campaign in an effort to secure his release.

This is because according to Ulbricht’s proponents, the punishment, i.e. life imprisonment plus 40 years in prison, is completely out of proportion to the crime as there was no violence in reality.

Ulbrich’s cause has also been supported by some celebrities, such as Pussy riotwhich emphasized how the crime was in fact “nonviolent” and thus the unjustified punishment.

Anyway, the US Supreme Court He made a wall and in 2018 rejected the appeal.

With debt cancellation 183 million that Ulbricht has to pay to the US government, however, an interesting scenario emerges.

Why, the US authorities should follow in their footsteps E Olbrich get example grace or grace, This is really management trump He was thinking that, not only would he return a free man, but also without any debt whatsoever to the American authorities.

Surprise Agreement Under which Ulbricht Relinquishes Claims on Seized Bitcoins

However, the quasi-grab 70,000 Bitcoin Last year happened and the agreement between Ulbricht and the attorney general to cancel their differences debt.

This is due to the handling of the Silk Road issue that led to the arrest Ross Ulbricht FThe Department of Justice St. in the Southern District of New York.

While the agreement that will allow Ulbricht to cancel its debts has since begun Ministry of Justice California, without SDNYthat is, the jurisdiction that obtained the ruling, was minimally involved in the confiscation of bitcoins.

In any case, according to experts, the authorities were chosen to avoid any legal hassles during the booking process. This is because if Ulbrich is able to prove that even a tiny fraction of the bitcoins seized are attributable to him and Silk Road, It can greatly slow down the process.

Silk Road founder launched his set of NFTs built on Bitcoin Blockchain

However, this year Ross at Ulbricht has already made headlines after the sale to Bitcoin Conference 2022 from some NFT Made in prison.

During Bitcoin 2022 Ulbricht An NFT set of four manual and digital paintings, each containing 318 frames, was auctioned.

The group in which the founder of the Silk Road is the material author is called growth group.

These are digital animations created from some oil paintings and turned into NFTs built on the blockchain Bitcoin Through the counterparty protocol.

The NFTs minted on April 5 were auctioned from the 6th to the 8th of the same month and were offered for Bitcoin 2022. The cumulative revenue is approx. 6 million dollars They were paid in full into a fund to cover Ross Ulbricht’s defense expenses.

The role of Bitcoin in the development of the black market Silk Road

Silk RoadBorn in 2011, it was the first dark market, consisting of a web platform for money laundering activities derived mostly from proceeds from the sale of drugs and other illegal activities.

All transactions and exchanges were carried out on the Silk Road platform bitcoin, Precisely because of the anonymity that cryptocurrencies ensured in the movement of funds.

Silk Road users also create details Crypto wallets Generated for the purpose of hiding transactions.

Martini Jay He posted on his YouTube channel an entire documentary dedicated to Ross Ulbricht and the Silk Road that explains the birth and organization of the darknet:

to the attention of the authorities Silk Road Came in 2013 when a joint operation took place between The FBI, the DEA, and the IRS led to the closure of the site and 144,000 bitcoins confiscated Valued at $34 million at the time, when BTC closed in 2013 at just under $1,000 per unit. This estimated amount based on today’s bitcoin market caps is much higher, approaching $6 billion, with 1 BTC worth about $40,000 per token.

Anyway, the Silk Road started in regulated black markets with cryptocurrency payments, but even after the site was shut down, the number of competitor And the use of bitcoins in connection with the extension Recycling Of illegal activities is still a generally open problem.

Collaborator in editing, born in 1984.
I have a degree in classical philology and a doctorate in ancient history fromUniversity of Naples Federico II, with a treatise on the fragmentary work of Asclepid de Tragello. I am an author Scientific Publications About the Classical World and co-editor of two international academic volumes. Since 2015, I moved to England where I worked as a freelance copywriter and casino dealer.
My motto is? “Naples is a flower of paradise. The last adventure of my life.”

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