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OfflinegeokillsA
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United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars
    #27025690 - 11/06/20 08:11 PM (3 years, 3 months ago)

Source Link.  Nice payday for the feds.

Quote:

Department of Justice

U.S. Attorney’s Office

Northern District of California


FOR IMMEDIATE RELEASE // Thursday, November 5, 2020

United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars

Seizure Of Bitcoins Represents The Largest Cryptocurrency Seizure To Date


SAN FRANCISCO - The United States filed a civil complaint today to forfeit thousands of Bitcoins, valued at over $1 billion dollars, seized by law enforcement on November 3, 2020, announced United States Attorney David L. Anderson of the Northern District of California and Special Agent in Charge of the Washington DC Field Office, Internal Revenue Service Criminal Investigation (IRS-CI) Kelly R. Jackson. The seizure represents the largest seizure of cryptocurrency in the history of the Department of Justice.

“Silk Road was the most notorious online criminal marketplace of its day,” said U.S. Attorney Anderson.  “The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question.  Where did the money go?  Today’s forfeiture complaint answers this open question at least in part.  $1 billion of these criminal proceeds are now in the United States’ possession.”       

“Criminal proceeds should not remain in the hands of the thieves.  Through CI’s expertise in following the money, we were able to track down the illicit funds,” said IRS-CI Special Agent in Charge Kelly R. Jackson.  “The Washington DC Cyber Crimes Unit is uniquely specialized in tracing virtual currency transactions and we will continue to hone our skills to combat illegal activity.”

According to the allegations of the civil forfeiture complaint, from 2011 until October 2013 when it was seized by law enforcement, Silk Road was the most sophisticated and extensive criminal marketplace on the Internet.  It served a sprawling black market bazaar where unlawful goods and services were bought and sold regularly by the site’s users. The complaint alleges that while in operation, Silk Road was used by thousands of drug dealers and other unlawful vendors to distribute hundreds of kilograms of illegal drugs as well as other unlawful goods and services to well over 100,000 buyers, and to launder hundreds of millions of dollars derived from these unlawful transactions.  At the time it was taken down in 2013, Silk Road had nearly 13,000 listings for controlled substances and many more listings offering illegal services, such as computer hacking and murder for hire, which generated sales revenue totaling over 9.5 million Bitcoins and commissions from these sales totaling over 600,000 Bitcoins.  The complaint further alleges that Silk Road used a so-called “tumbler” to process Bitcoin transactions in a manner designed to frustrate the tracking of individual transactions through the cryptocurrency Blockchain.

The Silk Road creator Ross Ulbricht, following his arrest in San Francisco, was convicted in 2015 by a New York federal jury of seven criminal counts, including conspiracy to distribute narcotics and money laundering.

The complaint further alleges that in 2020 agents of the IRS CI used a third party bitcoin attribution company to analyze bitcoin transactions executed by Silk Road and were able to identify 54 previously undetected bitcoin transactions executed by Silk Road, all of which appear to represent bitcoin, which was the proceeds of unlawful activity, that was stolen from Silk Road in or about 2012 and 2013.

The complaint alleges that these funds were traced to a bitcoin address.  Further investigation of that bitcoin address by the United States Attorney’s Office and IRS CI agents revealed that the funds were connected to Individual X.  It was further determined that Individual X had hacked the funds from Silk Road.  Pursuant to that investigation of the hack, law enforcement seized several thousand Bitcoins on November 3, 2020.  On November 4, 2020, the seized Bitcoin had a value of over $1 billion. 

The civil complaint merely alleges that certain property is subject to forfeiture.  The United States must prove, by a standard of preponderance of the evidence, that the items are subject to forfeiture.  If the United States prevails, the court will order all interests of any potential claimant forfeited.

Assistant U.S. Attorneys Claudia Quiroz, William Frentzen, David Countryman, and Chris Kaltsas of the Northern District of California are prosecuting the forfeiture with the assistance of Carolyn Jusay.  The forfeiture action is the result of an investigation by IRS – Criminal Investigation Cyber Crimes Unit with assistance from Chainalysis and Excygent.




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OfflineBuckomcdoogle
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: geokills]
    #27026062 - 11/07/20 03:24 AM (3 years, 3 months ago)

I remember when my boss was telling me about this guy he knew that ran his business sending crypto to his family in Greece.

I responded:

The government has a word for that, its called TAX EVASION.


--------------------
"Nothing is more dangerous to your creativity than comfort and familiarity"

"Nihilism is the most basic truth in existence,
the only consistency throughout the world, and the universe is
chaos and decay"
"Logic leads to nihilism"



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InvisibleThe Thing
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Buckomcdoogle]
    #27026103 - 11/07/20 04:40 AM (3 years, 3 months ago)

Quote:

The Thing said:
Agents also later seized 513 bitcoins from Shamo’s online wallet, valued at an estimated $2.4 million.


What happens to the bitcoins?




That was from another thread, i still wanna know what happens to the coins?

Taken out of circulation, held indefinately by leo, cashed in and given to 'victims of crime' ?

:shrug:


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OfflineFractal420
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: The Thing]
    #27026107 - 11/07/20 04:44 AM (3 years, 3 months ago)

What a bunch of crooks

What, you’re stealing money from the long defunct Silk Road?

“Criminal proceeds should not remain in the hands of the thieves.” Yes you’re damn right, like these cops

So the navy loves DNMs, so do these IRS fucks


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It's bright and blue and shimmering.
Grinning wide
And comforting me with it's three warm and wild eyes.

Prying open MY third eye



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InvisiblebodhisattaMDiscordReddit
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Fractal420]
    #27026253 - 11/07/20 07:42 AM (3 years, 3 months ago)

American's absolutely love corruption. I mean fuck millions of people just went out an voted for biden or trump.


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Offlinetonz0Funguy
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: bodhisatta]
    #27026479 - 11/07/20 10:05 AM (3 years, 3 months ago)

“Criminal proceeds should not remain in the hands of the thieves."  why does the govt have it then?!?!?!?!?!?!?!?!?!?!?!??!


:confused:


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"The search bar is a oracle"


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InvisiblebodhisattaMDiscordReddit
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: tonz0Funguy]
    #27026486 - 11/07/20 10:10 AM (3 years, 3 months ago)

King of the hill. The gang on top consideres themselves to not be criminal.


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InvisibleHolybullshit
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: The Thing]
    #27026623 - 11/07/20 11:22 AM (3 years, 3 months ago)

Quote:

The Thing said:
Quote:

The Thing said:
Agents also later seized 513 bitcoins from Shamo’s online wallet, valued at an estimated $2.4 million.


What happens to the bitcoins?




That was from another thread, i still wanna know what happens to the coins?

Taken out of circulation, held indefinately by leo, cashed in and given to 'victims of crime' ?

:shrug:




I imagine it isn't treated much differently than any other asset forfeiture, the controlling agency can basically do whatever they want with it. What that is depends on whose in charge and what the policy directive of the day is, there aren't really any limitations set by law.

A lot of it probably just sits there, but they could use it in sting operations, or they could sell it for funding. They might not be doing that, but there is nothing that prevents it.

I doubt LEO agencies would let it go freely, but it could feasibly end up in the hands of the intelligence community to fund actions overseas or support whatever terrorist/freedom fighters we are currently doing business with.

One thing you can be sure of, it isn't going to any "victims of crime", lol.


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OfflinegeokillsA
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: The Thing] * 1
    #27026757 - 11/07/20 12:36 PM (3 years, 3 months ago)

Quote:

The Thing said:
i still wanna know what happens to the coins?

Taken out of circulation, held indefinately by leo, cashed in and given to 'victims of crime' ?

:shrug:



Historically, the government has auctioned off confiscated cryptocurrency.  Here are two recent examples.


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InvisibleThe Thing
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Holybullshit]
    #27027112 - 11/07/20 04:06 PM (3 years, 3 months ago)

Quote:

Holybullshit said:
Quote:

The Thing said:
Quote:

The Thing said:


What happens to the bitcoins?




...given to 'victims of crime' ?







One thing you can be sure of, it isn't going to any "victims of crime", lol.





In Australia we have a Victims of crime fund set up. I think proceeds from crime would also go into it.

Maybe i'll ask google.


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InvisibleAmanita86
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: geokills] * 2
    #27027155 - 11/07/20 04:28 PM (3 years, 3 months ago)

Quote:

geokills said:
Quote:

The Thing said:
i still wanna know what happens to the coins?

Taken out of circulation, held indefinately by leo, cashed in and given to 'victims of crime' ?

:shrug:



Historically, the government has auctioned off confiscated cryptocurrency.  Here are two recent examples.



So they auction off money...? :awesketch:


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InvisibleThe Thing
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: geokills]
    #27027867 - 11/08/20 02:00 AM (3 years, 3 months ago)

:lol: amanita86

Also


Quote:

geokills said:
Historically, the government has auctioned off confiscated cryptocurrency.  Here are two recent examples.





Sorry, somehow i missed what you posted above earlier. Cheers for the example!


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InvisibleHolybullshit
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: The Thing]
    #27028059 - 11/08/20 07:31 AM (3 years, 3 months ago)

Quote:

The Thing said:
In Australia we have a Victims of crime fund set up. I think proceeds from crime would also go into it.

Maybe i'll ask google.




Don't get me  wrong, I wasn't laughing at the idea of it...just the idea that the US LEO waging the drug war would do anything with it other than line their own pockets.


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OfflineCamwritesgonzo
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Holybullshit]
    #27028783 - 11/08/20 03:00 PM (3 years, 3 months ago)

They'll probably add another inch-and-a-half to their kevlar vests, buy more road-fortresses, and beef up their arsenals. And, yes, I'm sure there will be a nice fat bonus all around the table. It's just that much closer to the cocksuckers being able to declare martial law.


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"I've always maintained that reality is for those who can't face drugs."-Tom Waits
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InvisibleThe Thing
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Holybullshit]
    #27029157 - 11/08/20 07:33 PM (3 years, 3 months ago)

I think i did take that the unintended way when i first read it, my bad, all good man.


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OfflineKman1898
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: The Thing]
    #27029360 - 11/08/20 10:51 PM (3 years, 3 months ago)

Quote:

The Thing said:
Quote:

The Thing said:
Agents also later seized 513 bitcoins from Shamo’s online wallet, valued at an estimated $2.4 million.


What happens to the bitcoins?




That was from another thread, i still wanna know what happens to the coins?

Taken out of circulation, held indefinately by leo, cashed in and given to 'victims of crime' ?

:shrug:





They will hold and auction to sell off the coins. Whether or not they do it with all the coins at once or break them up is up for debate. Although my money is on break it up.


--------------------
Difficulty has more to do with reading abillity and ability to precisely follow directions. You need no knowledge of chemistry whatsoever, you just need to understand some basic principles as simple in concept as: water boils at 100C and freezes at 0C. Otherwise all published syntheses of organic and inorganic compounds can be reproduced successfully by pretty nearly anyone with at least average intelligence. Problems always have to do with availability of materials, not esoteric knowledge.


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InvisibleThe Thing
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Kman1898]
    #27029478 - 11/09/20 02:28 AM (3 years, 3 months ago)

Quote:

Kman1898 said:
They will hold an auction to sell off the coins.




Yeah geokills posted an example of how they did that in 2018 in a link above.

Wonder why they don't just turn into cash themselves..

Very weird..


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InvisibleHolybullshit
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: The Thing] * 1
    #27029687 - 11/09/20 07:19 AM (3 years, 3 months ago)

It might be dumb, really dumb, but I don't know how weird it is. It's probably just "easier" to use their conventional/traditional mechanisms and processes of selling forfeited assets. Especially if they wanted to do it in large transactions.

All the bureaucracy involved would probably make it a hassle to even have an official government account on an exchange, and there might be policy that would need to be changed in order to sell forfeited assets on it. And they probably want to be able to vet the buyer as well.


Edited by Holybullshit (11/09/20 08:05 AM)


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Invisibledurian_2008
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: Holybullshit]
    #27029962 - 11/09/20 10:41 AM (3 years, 3 months ago)

As a kindergartner in a very strict setting, I rebelled in quiet ways. Crayoned a teddy bear, losing it's legs in a flaming train derailment.



This piece of fine art has no inherent value, yet might be used to traffic countless dollars (as a placeholder aka numismatic scrip).

One casino only dealt in worthless ball bearings -- completely worthless -- for all intents and purposes.

They were exchanged in a separate establishment.

imhblo, those blocks of data have no inherent value, if no one wants to buy them back from you -- like poker chips or a stock certificate. It's like commanding someone to forfeit arcade tokens.


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InvisibleThe Thing
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Re: United States Files A Civil Action To Forfeit Cryptocurrency Valued At Over One Billion U.S. Dollars [Re: durian_2008]
    #27030553 - 11/09/20 05:43 PM (3 years, 3 months ago)

Quote:

Holybullshit said:
It might be dumb, really dumb, but I don't know how weird it is. It's probably just "easier" to use their conventional/traditional mechanisms and processes of selling forfeited assets. Especially if they wanted to do it in large transactions.

All the bureaucracy involved would probably make it a hassle to even have an official government account on an exchange, and there might be policy that would need to be changed in order to sell forfeited assets on it. And they probably want to be able to vet the buyer as well.




Buyer beware!

Thanks, it all makes a little more sense to me now.


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