IRS seizes $1 billion bitcoin from Silk Road

69,000+ bitcoin seized. The hacker, who stole funds from the Silk Road operators, agreed to forfeit the currencies. Nothing has been provided on how the hacker was identified.

Wow. That is an enormous sum! :dizzy_face:

Now imagine with the US government were to just drop those bitcoin on the open market to hit all order books? There would be many unhappy people. But they’re getting help, which is absolutely necessary.

Meanwhile China seized 4,2 billion USD from the Plus Token scam. It’s a bad few months for crypto criminals. :smiley:

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Whilst it always sounds Good that “Criminals” are seeming to be brought “to justice” - This also demonstrates the Biggest disadvantage of crypto currencies to every private individual - IF they ever take the place of cash !

I am not sure I follow? Please elaborate?

I am a part-time forex trader who tries his best to make profits by trading AUD/USD. I have been trading only the major currency pairs. I have heard that exotic pairs offer more profits. But won’t that be difficult in comparison to what I am already doing!

Well at least the guy’s caught. But it’s just one fish out of a pond. What’s scary is how many more would be involved.

That is a lot of money and I didn’t hear about this soon. Thanks for sharing it here.

Silk Road is one of the defacto situations the US government brings up when explaining why crypto is “bad” for the world. Illicit activity. Yes, Silk Road was used for illicit activity, but so have all financial systems/means of transferring value in the history of the world. Where there’s money, there’s crime.

I agree about that. Also, I don’t think the solution is to ban cryptos - that won’t lower their popularity, it would just drive them further underground.