Ross Ulbricht Drops Claim to Millions Raised in Silk Road Bitcoin Auctions

Ross Ulbricht, the convicted operator of the now-defunct darkish market Silk Street, has dropped a long-standing assert to tens of millions of bucks formerly seized by US law enforcement.

Court docket records display that on September 29, US District Judge Katherine Forrest issued an purchase forfeiting just over $48 million to the US govt. All those cash were obtained as the US Marshals Services auctioned off extra than 144,000 bitcoins confiscated for the duration of the crackdown on the Silk Street, an unregulated market that made use of bitcoin as a principal medium of exchange prior to its closure in late 2013. Ulbricht experienced formerly sought to get back possession of the cash soon after they experienced been seized.

The US govt held its initial bitcoin auction in 2014, for the duration of which approximately 30,000 BTC was marketed to Silicon Valley trader Tim Draper (who would afterwards obtain 2,000 BTC in a subsequent auction). The final auction was held in November 2015.

Notably, the forfeited $48 million will count toward the extra than $180 million in financial judgments he was ordered to pay back at sentencing. Ulbricht, observed guilty in February 2015 on narcotics distribution and computer hacking prices, was sentenced to life in jail without the need of parole in May of that year.

“The sum of $48,238,116.04 shall be credited in partial pleasure of the Funds Judgment,” Forrest wrote in the court purchase.

The forfeiture also will come months soon after Ulbricht’s unsuccessful enchantment of the judgment. In May, the US Court docket of Appeals for the Next Circuit issued a 139-site final decision that turned down the assert by Ulbricht that he experienced been specified an unfair demo as properly as an overly severe sentence.

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