US seizes $1bn in bitcoin linked to Silk Road site

DoJ is suing for formal forfeiture of funds after tracking down the person holding them

The US government has seized more than $1bn worth of bitcoins connected to the shuttered darknet marketplace Silk Road and is suing for formal forfeiture of the funds.

The case is the biggest cryptocurrency seizure in history, and explains why the bitcoins changed hands this week. Analysts had noticed the transfer on the public blockchain and speculated that it was either due to an unknown Silk Road co-conspirator attempting to cash out, or because the funds had been stolen by hackers.

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