The jailed founder of the now-defunct dark web marketplace Silk Road, Ross Ulbricht, will forfeit his claim on about $3 billion worth of bitcoin to pay off $183 million in debt to the US government settle
A recently filed court filing revealed that Ulbricht’s holdings of digital assets include Bitcoin, Bitcoin Cash, Bitcoin SV, and Bitcoin Gold.
The Justice Department seized the funds in 2020 from a hacker exploiting Silk Road before it shut down, and moved the BTC to a private wallet in 2013 – five years after Ulbricht was sentenced to life in prison without parole. The 69,370 BTC seized back when the Silk Road closed are now worth nearly $3 billion.
The Silk Road marketplace is commonly referred to as the first dark web marketplace and operated from 2011 until it was shut down by the FBI in 2014. During this time, he facilitated the sale of several illegal items such as drugs, guns, and other illegal activities.
In 2021, the Justice Department decided to strike a deal with him that resulted in him forfeiting any claim to the funds. In return, the department pays its refund when the bitcoin is auctioned.
According to the court record:
The parties agree that the net proceeds from the sale of the [bitcoin] forfeited pursuant to this Agreement shall be credited against any unpaid balance of the monetary judgment.
With the settlement, Ulbricht no longer has to worry about the compensation he could pay if he were ever given a chance at freedom. It also means he can make money in prison. But his life sentence is still up.
Ulbricht’s struggle for freedom continues
It’s still a significant victory, according to his mother, Lyn Ulbricht, who campaigned for his release.
“We are very pleased that the wrongful fine imposed on Ross has been reversed, as well as other false charges against him being dropped following his trial in federal court,” she said.
For Ulbricht, the campaign for his appeal continues to garner support from a variety of people — including the crypto community.
The Silk Road founder has auctioned some of his personal artworks as NFTs on SuperRare. In addition, FreeRossDAO is currently working to secure Ulbricht’s freedom.
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