The cryptocurrency world is full of stories that alone are enough for an entire Netflix series. This time, US authorities found more than 50,000 stolen bitcoins in an old popcorn cup. It was bitcoin stolen by a hacker from the now-defunct dark web marketplace Silk Road.
old popcorn cup
If you believe the authorities’ story, the hacker’s Bitcoin was hidden in an old popcorn cup, among other things. “We found bitcoin in a safe under the floor of his house and on a simple computer hidden in a popcorn cup under a set of blankets,” the Justice Department statement said.
With over 50,000 Bitcoins, it is the second largest discovery by the Department of Justice. It is unclear what the United States plans to do with bitcoin, but there is a possibility that they will auction it. They have done that in the past with these discoveries.
Incidentally, more than 50,000 bitcoins were found by the authorities in November 2021. Prosecutor Damian Williams therefore speaks of a find of more than 3 billion dollars. Due to the price drop, Bitcoin is now worth less than $1 billion.
“After nearly a decade, the value of the missing bitcoin has exploded into a mystery of more than $3.3 billion,” prosecutor Damian Williams said. “This case shows that we never stop looking for stolen money, no matter how hidden it is. Even if it is a small computer in an old popcorn cup,” he continues.
The history of the Silk Road
If you’ve been in the bitcoin world for a while, you’ve probably heard Ross Ulbricht’s story. This is the person who founded the first version of Silk Road. Ulbricht is currently serving a life sentence in the United States federal prison.
Silk Road was an online dark web marketplace that operated from 2011 to 2013. After the first version closed, several shadowy figures tried a fresh start, but now everything is completely closed.
James Zhong, the 32-year-old hacker who hid that bitcoin in the popcorn cup, faces up to 20 years in prison. The court ruling in your case is scheduled for February 22, 2023. The great mystery of the Silk Road, which has existed for more than 10 years, seems to be slowly but surely coming to an end.
Ross Ulbricht has been in prison for ten years
The founder of the Silk Road Market has been behind bars for ten years. Interestingly, you can still follow him on Twitter. His family regularly posts Ross to draw attention to his efforts to get him out. It was never Ross Ulbricht’s intention to open a market for drugs and other illegal trade.
Silk Road simply started as an internet marketplace where you could buy and sell anything and where paying with Bitcoin was an option. This quickly got out of hand, causing him to lose control and eventually get into big trouble. As a result, this boy will likely spend his entire life in prison. The above post is an essay in which he writes about how Bitcoin’s development continues to inspire him.
Source: Btc Direct
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
