According to the latest report published by Elliptic, Bitcoin worth nearly $1 billion has been transferred from an address that has been linked with Silk Road dark web. As per Bloomberg’s post, $1 billion in Bitcoin has been successfully seized by the US Justice Department.
Privacy-Preserving Technology over Dark Web
According to Elliptic’s blog post, the creator of the Silk Road dark market named Ross Ulbricht has been sentenced to double life. The dark marketplace is designed in a double-private way combining both Tor and Bitcoin technologies. This privacy-preserving technology is used over the dark site for the “trade of illicit goods and services.”
According to Elliptic chief scientist DR. Tom Robinson, funds were first-time derived out of the Bitcoin address in 2012 but after one year it again saved in the address. It seems a Silk Road member or Ulbricht has moved those funds from the address. However, it is impossible for Ulbricht as he is in prison. “Alternatively, the encrypted wallet file may have been real, and the password has now been cracked — allowing the bitcoins to be moved,” he said.
The US regulatory authorities and law enforcement agencies dealing with Anti-Money Laundering and other illicit activities related to cryptocurrency are very active. According to FBI Director Christopher, the Unites States government has taken the initiative to observe scamming activities tied with Bitcoin. He further said they are also scanning possible dangers as a result of cryptocurrency usage on the part of criminals. Criminals and other active illicit actors are using crypto to trade “illicit goods like criminal tools on the dark web.”
As reported by Bloomberg, the US law enforcement agency called the U.S. Justice Department seized the funds in Bitcoin tied to Silk Road dark marketplace. According to Bloomberg, the value of seized funds equals nearly $1 billion.
“The cryptocurrency seizure, tied to the Silk Road marketplace, is the largest the U.S. has ever effected, the Justice Department said in a statement,” the report added.