US Seizes Record $28M In Bitcoins From Silk Road Server

Law360, Los Angeles (January 16, 2014, 8:28 PM EST) -- The government has seized about $28 million in bitcoins from the servers of the black-market website Silk Road, whose operator has been accused of hacking and drug trafficking, marking the largest-ever forfeiture in that currency, prosecutors said Thursday.

The government announced its seizure a day after a New York federal judge ruled that Silk Road and Ross William Ulbricht, its alleged runner, would have to forfeit the site’s assets. The court determined that the bitcoins were the proceeds of crimes.

The government said it had picked...
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