Nov. 5 (UPI) — Federal authorities stated Thursday they’ve seized $1 billion value of bitcoin linked to the shuttered prison market Silk Street, the most important haul of cryptocurrency linked to crime within the Justice Division’s historical past.

The division stated the darkish net market concerned gross sales of medicine and different unlawful merchandise, bought with bitcoin. Silk Street was shut down by federal legislation enforcement in 2013 and founder Ross Ulbricht was sentenced to 2 life phrases.

Prosecutors stated legislation enforcement officers on Tuesday seized bitcoin transactions involving Silk Street transactions and an unidentified person that in the end proved to be value greater than $1 billion.

Many transfers have been noticed that have been every value 1000’s of {dollars} in bitcoin, they famous.

“This sample of withdrawals and the quantity that was withdrawn was not typical for a Silk Street person. Particularly, a overview of different withdrawals from Silk Street revealed bitcoin quantities that have been principally lower than 100 bitcoin,” prosecutors stated within the criticism.

Prosecutors stated a hacker, recognized in court docket paperwork as “Particular person X,” gained entry to Silk Street and stole cryptocurrency from the location. Over the course of the investigation, the particular person ultimately signed a consent decree to show over the cryptocurrency to authorities.

“Silk Street was probably the most infamous on-line prison market of its day,” U.S. Lawyer David Anderson, of the Northern District of California, stated in a civil criticism.

“The profitable prosecution of Silk Street’s founder in 2015 left open a billion-dollar query. The place did the cash go?

“$1 billion of those prison proceeds at the moment are in the USA’ possession.”

The worth of 1 bitcoin has risen not too long ago to greater than $15,000, its highest valuation since January 2018.