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Ross Ulbricht To Pay Off Government Debt With $3 Billion In BTC

Ross Ulbricht To Pay Off Government Debt With $3 Billion In BTC

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Ross Ulbricht, the incarcerated founder of the now busted Silk Road dark web marketplace, has fulfilled a major part of his sentence. A newly discovered court filing shows that last year, prosecutors quietly signed an agreement with Ulbricht to cancel out the $183 million in restitution he was to pay.

Ulbricht forfeits his claim to billions worth of Bitcoin to pay his $183 million restitution

According to the filing, a tranche of Bitcoin, Bitcoin Cash, Bitcoin Gold, and Bitcoin SV worth nearly $3 billion will be forfeited to the government. The agreement stipulated that proceeds from the sale of the assets will go towards covering the money judgment part of Ulbricht’s sentence and any other purposes the government sees fit.

Ulbricht further relinquishes all right, title and interest in the [69,370 BTC] and agrees that said property shall be forfeited to the United States and disposed of according to law by the United States, the filing said.

The said assets originated from the efforts of government investigators in the Justice Department. Back in 2020, the government confiscated the 69,370 BTC from a hacker who exploited the Silk Road marketplace before it was shut down.