Ross Ulbricht Waived His Rights To $3 Billion In Bitcoin

Silk Road founder Ross Ulbricht has waived his rights to $3 billion in Bitcoin. Here are the details on the subject..

Ross Ulbricht, the jailed founder of Silk Road, the most popular 'dark web' e-commerce site of his time, waived his rights in Bitcoins worth about 3 billion dollars in exchange for his 183 million dollars debt to the USA. Ulbricht was the founder of the Silk Road marketplace, where drugs and illegal substances were sold, and Bitcoin was used as a payment method, which was destroyed by the intervention of the USA. The site was launched in 2011 and was shut down by the FBI in 2013. Before the platform was shut down, there was a hack that resulted in the theft of 69,370 BTC. In 2015, Ulbricht was sentenced to life imprisonment and ordered to pay $183 million in damages for Silk Road's activity. The USA seized 69,370 BTC from the hacker in November 2020. According to court documents obtained by Wired, in the case regarding the matter, Ulbricht gave up all of his rights over these Bitcoins and will use them to pay off his debt to the government. With Ulbricht's waiver of his rights, these BTCs will be transferred to the USA and according to the law, the USA will be able to dispose of them.