Posted 5 months ago | by @devadmin

Bitcoin has blasted through 14K briefly touching 15K, amid news that the U.S. Department Of Justice, (DOJ) is suing for the forfeiture of thousands of Bitcoins, totaling more than $1 billion, that it recently seized.

The coins linked to the darknet market Silk Road is the largest the U.S. has ever conducted, the DOJ said. Silk Road was a market on the dark web, that allowed people to sell drugs and other illegal goods.

Silk Road was closed down by U.S. authorities in 2013. The creator, Ross Ulbricht, was sentenced to life in prison two years later. The site, hidden away as part of the dark web, allowed people to sell

The Court documents exhibit that the more recently seized funds includes — over 69,370 Bitcoin and nearly equivalent amounts of forked cryptos Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin Satoshi Vision (BSV).

The prosecutors argue an unnamed hacker hijacked the trove of BTC from Silk Road and transferred them to a wallet where they remained from April 2013 until the Tuesday seizure.

This news comes after blockchain intelligence firm Elliptic recently reported that a wallet alleged to be under the ownership of the Silk Road moved almost $1 billion worth of Bitcoin.

The blockchain analysis firm says it’s not clear whether Silk Road’s jailed creator, Ross Ulbricht, is behind the transaction.

The movement of these bitcoins today, now worth around $955 million, may represent Ulbricht or a Silk Road vendor moving their funds. However it seems unlikely that Ulbricht would be able to conduct a bitcoin transaction from prison. Alternatively, the encrypted wallet file may have been real, and the password has now been cracked – allowing the bitcoins to be moved,” Elliptic wrote in a blog post.

Bitcoin has surged in value doubling its price in 2020, setting a new yearly high of $15,000. This news combined with the speculated outcome of this week’s U.S. elections, where a Democratic president is blocked from passing major initiatives (like tax cuts) by a Republican-controlled U.S. Senate, seems to have given Bitcoin a push higher.

Bitcoin is currently trading at [FIAT: $14,984.16] UP +6.3% in the last 24 hours according to Coingecko at the time of this report.