Crypto

Quits? Ross Ulbricht Agrees To Pay U.S. Gov’t Using $3 Billion In Stolen Bitcoins

If Silk Road (Ross Ulbricht?) rings a bell then you may have become aware of the dark web market where you can purchase the craziest things that you won’t discover in “normal” shops or in other places due to the fact that it’s unlawful.  

The Silk Road market is called to be the first-ever dark web market that offers unlawful products online back in 2011.

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Who Is Ross Ulbricht Of Silk Road?

Founder/CEO Ross Ulbricht, who was sentenced to life jail time without parole, surrenders his claim to his own digital properties or Bitcoin which is now worth over $3 billion.

This was the 69,370 BTC that has actually been taken in lieu of the $183 million that he owed the U.S. federal government.

Ulbricht was discovered to have a substantial stash of digital properties that is a mix of Bitcoin Cash, Bitcoin Gold, Bitcoin, and Bitcoin SV. Yes, he was a die-hard crypto lover who understands how to play his cards in the crypto area.

Going back, the U.S. Justice Department did take the funds from a well-known hacker who utilized Silk Road for his unlawful activities online.

He then moved his BTC to a cold wallet. The Silk Road darknet market was by force closed down by the Federal Bureau of Investigation due to the fact that of unlawful activities such as the trading of controlled substances, weapons, and other products.

BTC overall market cap at $754.22 billion on the weekly chart | Source: TradingView.com

Paying Them In Stolen Crypto

The Justice Department offered Ulbricht a choice of a “win-win” plan. He surrenders claims to the Bitcoin funds and, in exchange, the DOJ settles his restitution or other charges once the crypto is auctioned off.  

Both celebrations have actually concurred that the net earnings from the auctioned Bitcoin will settle the balance from the Money Judgement.

With this plan, Ulbricht still gets to make money even if he remains in prison. More so, he won’t need to stress over his balance or the restitution he needs to pay if in case he gets fortunate to be launched from jail.

He has a life sentence however anything can occur.

Calls For Freedom

Lyn Ulbricht, Ross’ mom, has actually been actively marketing for her kid’s instant release.

Her project for liberty might have worked wonders following the current turnaround of charges troubled her kid. 

Additionally, all other incorrect charges were dropped in federal court. The crypto neighborhood that has actually been following Ross because the first day is likewise rallying for his liberty.

In truth, FreeRossDAO is a motion that is intended towards releasing him.

Suggested Reading | U.S. Sanctions More North Korean ETH Addresses Over $600M Ronin Hack

Featured image from CoinGeek, chart from TradingView.com

Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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