US justice department seizes USD 1 billion worth of bitcoin

This week some seventy thousand bitcoins that had not moved since 2015 were sent to a different address. Much was said about it, as those bitcoins are worth more than USD 1 billion at today's prices.

On thursday the Department of Justice of the United States announced that it seized 69,370.22 bitcoins from "Individual X". The identity of the person is unknown but apparently is a hacker who stole the bitcoins from the operator of Silk Road.

Silk Road was an online black market taken down by the government a few years ago, whose owner is serving life in prison.

In the past, when the government seized property, it sold it in auctions, it is expected this would be the case with these bitcoins as well.

More importantly the mysterious Individual X must be cooperating with the authorities as the only way to move the bitcoins is with a valid private key, which had to be provided by the owner of the bitcoins.

As the coins were in blockchain before the hard forks, the authorities seized the same amount in Bitcoin Cash, Bitcoin Gold and Bitcoin SV as well.

Crypto Jedi