Ross Ulbricht, Silk Road creator, will see his $183 Million debt erased following the seizure $3 billion of bitcoin connected to an unnamed Silk Road hackers. According to a court filing.
Ulbricht was sentenced to a life sentence without parole in 2015. Ulbricht was also ordered by the court to pay $183million in restitution. The figure was calculated using the total Silk Road sales, as well as the exchange rate at the time each transaction occurred.
Court documents in 2020
reveal that the Justice Department seized 69,370 bitcoins from a hacker who moved the trove to a private wallet in April 2013.
Ulbricht received a surprise reprieve when the Justice Department made a deal in February 2021 with him that forgoes any claim Ulbricht may’ve had to the stolen Bitcoin in exchange for the restitution once the bitcoin is sold.
“The parties agree that net proceeds from the sale of the [bitcoin]The court filing states that forfeited funds will be applied to any outstanding balance on the Money Judgment.
The auction for the bitcoin seized is not yet scheduled.