FBI seized 144.000 Bitcoins

[Snorlax]

http://www.techspot.com/news/54476-fbi-seizes-144000-bitcoins-from-silk-road-founder-worth-285-million.html

 

 

 

 

When the Federal Bureau of Investigation nabbed alleged Silk Road founder Ross Ulbricht, they left behind one giant piece of the puzzle – the mastermind’s hidden stashes of Bitcoins that may collectively be worth as much as $80 million.

When the FBI took down the Deep Web underground market on October 1, they seized nearly 30,000 Bitcoins in the process. Those funds are now worth roughly $6 million based on current exchange rates and on Friday, the FBI located and seized a stash of 144,000 Bitcoins believed to have belonged to Ulbricht.

In total, the FBI is now in control of 174,000 or so Bitcoins which is about 3.15 percent of all Bitcoins in circulation. What’s more, another stash of 110,000 Bitcoins worth $22 million has been potentially tied to Ulbricht. For the FBI to gain control over those funds, however, they will need more than just the address of the Bitcoins.

Specifically, they would need to have access to the private key for the wallet. That key could very well be hidden away on a computer somewhere – anywhere – that may or may not have been in Ulbricht’s possession at the time he was arrested. Of course, it’s also entirely possible that the FBI already has the key and has yet to move the funds to their own account.

An FBI spokesperson previously said they will likely exchange the Bitcoins for dollars once Ulbricht’s trial or settlement is over with.

 

That is a lot of money...

 

Wrong section?  :unsure:

[colonel_mortis]

wow that is a lot of money, and the damage it would do to the currency when they cash it in... It's not a good time to invest in bitcoins now.

[Damikiller37]

Legal robbery... they should donate it to a charity instead of keeping it to themselves

[Snorlax]

wow that is a lot of money, and the damage it would do to the currency when they cash it in... It's not a good time to invest in bitcoins now.

 

Nope. It will fall A LOT soon.

 

 

Legal robbery... they should donate it to a charity instead of keeping it to themselves

 

About 3 weeks ago the US government went on a shutdown. I'm sure they'll make this money fit in somewhere  <_<

[Goldilock]

there will some bitcoin hiccup. Like colonel_mortis said it's bad time to invest given 3.15% circulation is not some petty quantity once FBI cash them.

[delet my acc pls]

The things i want them to do with the money.

1. Buy me a luxury mansion

2. Donate the money to give me luxury mansion

3. Build a luxury mansion for me to steal with my apache helicopters.

[flibberdipper]

What is Bitcoin mining, and subsequently, what is a Bitcoin?

[Damikiller37]

What is Bitcoin mining, and subsequently, what is a Bitcoin?

http://linustechtips.com/main/topic/10886-introduction-to-bitcoins/ Check this out

[Imaginaerum]

Legal robbery... they should donate it to a charity instead of keeping it to themselves

I'm sure for now it's evidence, it's like keeping millions of dollars of drug money in a safehouse instead of donating it before a trial or something.

[Mooshi]

How do you "seize" something digital?

[Damikiller37]

How do you "seize" something digital?

Transfer it all onto another account? 

[Mooshi]

Transfer it all onto another account? 

 

For some reason, the tune of going Bankrupt on the show Wheel Of Fortune comes to mind.

[Snorlax]

How do you "seize" something digital?

 

It's pretty easy. First they track every transaction made within that network (Silk Road) and then get them back. It's obviously spread on the owner's accounts. Now all they need to find is the encryption key! Good luck, FBI