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IPFS News Link • Bitcoin

FBI Unable To Seize 600,000 Bitcoins From Silk Road Operator

• Daily
  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.

1 Comments in Response to

Comment by PureTrust
Entered on:

Well, that's one way to shut Bitcoin down. Seize it all.

The Bitcoin programmers need to implement a bitcoin replacement protocol inside the base programming, that takes into account completely lost bitcoin being replaced by new mining.

In the event that the seized (stolen) bitcoins are reintegrated into "society," who really cares? The addition of more bitcoins than the originally projected 21 million will not hurt the world at all.