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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 11 months
Feds trying to seize SR owners wallet 600,000 BTC * 1
    #18947033 - 10/07/13 09:37 PM (10 years, 4 months ago)

http://www.extremetech.com/computing/168139-fbi-unable-to-seize-600000-bitcoins-from-silk-road-operator
Closing down the Silk Road and arresting its alleged operator has left the FBI in uncharted territory. After shuttering the hidden site, law enforcement went to work confiscating the money and materials belonging to supposed drug kingpin Ross Ulbricht, but this usually routine procedure is proving especially troublesome in this case. The cache of more than 600,000 bitcoins in Ulbricht’s personal fortune are still inaccessible to the FBI.

The only way to move Bitcoins out of a private wallet is to have the corresponding private key to authorize the transaction. The FBI has been unable to get through the encryption protecting Ulbricht’s wallet, leaving all those Bitcoins — amounting to roughly $80 million at current rates — out of reach. Based on publicly available data, this is about 5% of all Bitcoins in existence right now.

Funds held by users of the site, however, were not so well-protected. Before completing transactions on the Silk Road, users would load Bitcoins into an escrow account on the site. The agreed upon coins would only be transferred to the seller’s private wallet once the buyer had verified delivery of the goods. When the feds took over the Silk Road, there were over 26,000 Bitcoins in user accounts that were relatively easy to snatch up.

The FBI has transferred all 26,000-plus seized Bitcoins to its own personal wallet, but because Bitcoin transactions are tracked publicly, it didn’t take the internet long to find the FBI’s wallet address. Users have taken to transferring tiny fractions of a Bitcoin to the FBI with public comments attached decrying the war on drugs and the arrest of Ulbricht. Users have even helpfully tagged the wallet address as “Silkroad Seized Coins.” You can check out the comments as they come in by watching the blockchain for the FBI’s wallet.

While authorities have control of Ulbricht’s wallet, that’s not the same as having the funds. It’s akin to seizing a computer from a suspect with valuable data inside, but being unable to access it because strong encryption was used to prevent access. Ulbricht himself surely has the necessary information to unlock his wallet — otherwise there would be little use in accumulating $80 million worth of Bitcoins. It’s possible prosecutors will use the leverage they have on him to work out a deal that includes turning over the encryption keys.

The government doesn’t even want to recognize Bitcoins as money, but that apparently won’t stop it from spending them. In these dark days of government shutdowns and sequestration, Uncle Sam could use the infusion of cash. The Bitcoins taken as part of the Silk Road operation will be held until legal proceedings have finished, then they will be liquidated, according to an FBI spokesperson. Users who are out those 26,000BTC are unlikely to be seeing them again. Even if Ulbricht avoids spending the remainder of his days in prison, his $80 million fortune probably won’t be waiting for him.


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InvisibleInto The Woods
Quarantine King
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Registered: 04/20/13
Posts: 10,864
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack] * 2
    #18947043 - 10/07/13 09:42 PM (10 years, 4 months ago)

:awewtf:


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Invisiblepwnasaurus
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I'm a teapot User Gallery


Registered: 07/16/08
Posts: 12,317
Loc: Canada Flag
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: Into The Woods]
    #18947060 - 10/07/13 09:45 PM (10 years, 4 months ago)

Why would you keep all your coins in one wallet :facepalm:.  Diversification!  Realistically he must have a huge portfolio of stocks too or this guy is a huge moron.


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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 11 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: pwnasaurus]
    #18947090 - 10/07/13 09:51 PM (10 years, 4 months ago)

What's it matter, if he got busted it was game over anyway.  It encrypted though, so that might be able to get him something.  That many bitcoins out of circulation should drive the price up a bit btw.


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InvisibleLittleDipster
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Registered: 06/18/10
Posts: 4,141
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack]
    #18947117 - 10/07/13 09:55 PM (10 years, 4 months ago)

interesting. This whole ordeal has been very interesting from the start.


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Offlinesomething cool
meandering

Registered: 01/30/12
Posts: 1,306
Last seen: 7 years, 4 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: pwnasaurus]
    #18947129 - 10/07/13 09:57 PM (10 years, 4 months ago)

Yeah, keeping even a fraction of that amount in one spot seems like incompetence. So does resorting to a hitman, though, and resorting to one twice and referring to the first time as a price bartering chip during negotiations for the second. Whoever was paid over the second hit was did well and I guess was lucky. Free $800,000. Another bit of incompetence is describing Silk Road as what you do for a living on a public job profile, only leaving out the name Silk Road, with no evidence for such an actual job in real life. Pretty much a red-flag amusement park. Really, how many things are there that fit that description, and how many were there to be found in his life, to throw off any investigation? DPD sounds like a bit of a dumbass. Beneficial service, not exceedingly bright management.

Make almost $100 million, throw it all away through obviously careless decisions. I'm guessing that he was high pretty frequently and didn't notice the telling nature of some of those things.


Edited by something cool (10/07/13 10:03 PM)


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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 11 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: something cool] * 1
    #18947204 - 10/07/13 10:15 PM (10 years, 4 months ago)

I was gonna delete my previous online entries, but then I got high....
Was gonna diversify my portfolio into offshore accounts, but then I got arrested.


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Offlinemoi
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Registered: 02/17/10
Posts: 843
Last seen: 2 years, 8 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack] * 4
    #18947224 - 10/07/13 10:19 PM (10 years, 4 months ago)

DPR will have a laugh in his cell for sure. and i'm laughing with him. good boy.


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InvisibleGlobal_Roaming
purity of essence
Male


Registered: 06/06/13
Posts: 300
Loc: over the fucking rainbow....
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack] * 5
    #18947229 - 10/07/13 10:20 PM (10 years, 4 months ago)

He should have cashed out bit by bit, then stuck the cash in barrels, buried them in the New Mexico desert and bought a lottery ticket with the GPS coordinates.


--------------------
/peace out brothers and sisters
:aweyeah:


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Offlinedark3st
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Registered: 08/02/13
Posts: 3,332
Last seen: 8 years, 4 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: something cool] * 1
    #18947253 - 10/07/13 10:25 PM (10 years, 4 months ago)

Oh look more judgement from someone who couldn't do half the shit this man did or have 1% of the money this Guy had. But feels like he's above him because of accidental human error.

If you read the criminal compliant He noticeed his mistake and changed his real name that linked him and changed it, but the documents obtained unearthed this mistake. Humans make mistakes all the time, and on this scale he was more infamous yet more unknown then most kingpins.

So many people ob this site act like what he was doing was a cake walk. When he has been doing it for some time before he got busted.


--------------------
Back.. I'm going to do it...I'm getting sober from opiates ... I got weed, gabapentin, propranolol, and GHB, I have 100mg tramadol left. I can do this. I can do this.

OFINTQWGVGAKGCYKBUBX
free dark P. Tampanensis prints to ODD members.

no stamps atm

FREE SEEDS for ODD WCA  members ONLY

I have these seeds:
Orange, red, and yellow sweet peppers, Purple poppies, White Habanero, Yellow Thai, Bolivian rainbow peppers, milk thistle, red chilly pepper, HBWR.


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InvisibleGlobal_Roaming
purity of essence
Male


Registered: 06/06/13
Posts: 300
Loc: over the fucking rainbow....
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: dark3st]
    #18947265 - 10/07/13 10:28 PM (10 years, 4 months ago)

Quote:

dark3st said:
Oh look more judgement from someone who couldn't do half the shit this man did or have 1% of the money this Guy had. But feels like he's above him because of accidental human error.





--------------------
/peace out brothers and sisters
:aweyeah:


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Offlinedark3st
Stranger

Registered: 08/02/13
Posts: 3,332
Last seen: 8 years, 4 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: Global_Roaming]
    #18947281 - 10/07/13 10:30 PM (10 years, 4 months ago)

Ya had. Clinton HAD presidency and so did Nixon but their still accomplished more then most ever will.


--------------------
Back.. I'm going to do it...I'm getting sober from opiates ... I got weed, gabapentin, propranolol, and GHB, I have 100mg tramadol left. I can do this. I can do this.

OFINTQWGVGAKGCYKBUBX
free dark P. Tampanensis prints to ODD members.

no stamps atm

FREE SEEDS for ODD WCA  members ONLY

I have these seeds:
Orange, red, and yellow sweet peppers, Purple poppies, White Habanero, Yellow Thai, Bolivian rainbow peppers, milk thistle, red chilly pepper, HBWR.


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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 11 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: dark3st]
    #18947283 - 10/07/13 10:30 PM (10 years, 4 months ago)

Lighten up dude, I really did at one time feel bad for him until I learned about him trying to get 2 people killed.  He was an e-gangster and he should have stuck to being an admin.  Also, he made some really fucking stupid mistakes in addition, he should have got the fuck out of dodge after he made his first million.  His arrogance was his downfall.  Hopefully the next one lasts 10 years, he opened the cat out of the bad.  Something to consider though, he probably should have shut down soon after the news story and started something new.


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Offlinedark3st
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Registered: 08/02/13
Posts: 3,332
Last seen: 8 years, 4 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack]
    #18947304 - 10/07/13 10:35 PM (10 years, 4 months ago)

I'm not angry at all, I'm stating he did his best and who the fuck cares about two people when Mexican cartels kill thousands.  It was to protect his business and himself.  He did nothing wrong.


--------------------
Back.. I'm going to do it...I'm getting sober from opiates ... I got weed, gabapentin, propranolol, and GHB, I have 100mg tramadol left. I can do this. I can do this.

OFINTQWGVGAKGCYKBUBX
free dark P. Tampanensis prints to ODD members.

no stamps atm

FREE SEEDS for ODD WCA  members ONLY

I have these seeds:
Orange, red, and yellow sweet peppers, Purple poppies, White Habanero, Yellow Thai, Bolivian rainbow peppers, milk thistle, red chilly pepper, HBWR.


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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 11 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: dark3st]
    #18947344 - 10/07/13 10:41 PM (10 years, 4 months ago)

He didn't kill anyone, they were feds.  He's a fucking idiot for buying into that hype and letting them manipulate him, but still he shouldn't have paid people to kill anyone.  He's a dumbass when it comes to being a criminal, though he was a genius in other areas.  He was an e-market admin not a fucking gangster and he shouldn't have tried to be that guy.


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InvisibleGlobal_Roaming
purity of essence
Male


Registered: 06/06/13
Posts: 300
Loc: over the fucking rainbow....
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack]
    #18947350 - 10/07/13 10:43 PM (10 years, 4 months ago)

For what he did accomplish (lets just ignore the hitmen stuff for now) my hat off to DPR. But he fucked up several times in a business venture that couldn't afford a single slip up. Also, his own ego/greed was equally to blame. He deliberately drummed up a ton of media exposure which focused mainstream attention on SR to point where it couldn't be ignored by LE.

I guess dark3st doesn't have any opinions on anything, right? because that would involve - god forbid - judging others.


--------------------
/peace out brothers and sisters
:aweyeah:


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OfflineGorlax
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Registered: 05/06/08
Posts: 6,697
Last seen: 4 days, 23 hours
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack]
    #18947359 - 10/07/13 10:45 PM (10 years, 4 months ago)

He truly is a fucking moron. If I ever accumulated those funds I would have ditched the whole drug thing and started up a business and laundered the money. Then expand and live free like a bird...


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Offlinedark3st
Stranger

Registered: 08/02/13
Posts: 3,332
Last seen: 8 years, 4 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack]
    #18947370 - 10/07/13 10:47 PM (10 years, 4 months ago)

What the fuck makes him an E-gangster? I never said he killed anyone anyway. 

He was protecting himself and his business anyway he could figure.  Do you have what he actually said? Do you know him in real life? I'm sure if your billion dollar business was about to be taken down you might go to extreme measures yourself.  And don't fucken say you won't because you nor anyone on this site will ever be in that position of power.

Everyone needs to Stop judging him.


--------------------
Back.. I'm going to do it...I'm getting sober from opiates ... I got weed, gabapentin, propranolol, and GHB, I have 100mg tramadol left. I can do this. I can do this.

OFINTQWGVGAKGCYKBUBX
free dark P. Tampanensis prints to ODD members.

no stamps atm

FREE SEEDS for ODD WCA  members ONLY

I have these seeds:
Orange, red, and yellow sweet peppers, Purple poppies, White Habanero, Yellow Thai, Bolivian rainbow peppers, milk thistle, red chilly pepper, HBWR.


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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
Last seen: 3 years, 11 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: dark3st]
    #18947407 - 10/07/13 10:53 PM (10 years, 4 months ago)

I understand what he did, I totally understand why he did it.  I feel bad for him knowing what he gave all of us, and I realize he loved SR more than anyone will ever know, and he was willing to die/kill/go to prison for the rest of his life for it.  Props to him, still make a lot of dumbass mistakes that were common sense to anyone else here.  People try to blackmail vendors all the time, you know what they normally do?  They ignore them.  This guy was as wanted as Bin Laden, and he was living in SF ordering hits on people that were obvious bullshit ways to get him to crack and they worked.  The FBI played his ass, and I feel bad for him about that but he fucked up big time.


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Offlinedark3st
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Registered: 08/02/13
Posts: 3,332
Last seen: 8 years, 4 months
Re: Feds trying to seizre SR owners wallet 600,000 BTC [Re: fapjack]
    #18947428 - 10/07/13 10:57 PM (10 years, 4 months ago)

Hindsight is always 20/20. And I'm agreeing he made mistakes but most people on this site are putting him down when they are a penny below the empire state building.


--------------------
Back.. I'm going to do it...I'm getting sober from opiates ... I got weed, gabapentin, propranolol, and GHB, I have 100mg tramadol left. I can do this. I can do this.

OFINTQWGVGAKGCYKBUBX
free dark P. Tampanensis prints to ODD members.

no stamps atm

FREE SEEDS for ODD WCA  members ONLY

I have these seeds:
Orange, red, and yellow sweet peppers, Purple poppies, White Habanero, Yellow Thai, Bolivian rainbow peppers, milk thistle, red chilly pepper, HBWR.


Extras: Filter Print Post Top
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