The U.S. seized a record $1 billion of bitcoin a year ago. Its value has tripled.

The largest-ever seizure of cryptocurrency by the U.S. government has worked out to be a windfall for taxpayers.

Silk Road Marketplace, Digital Currency

12/4/2021 12:32:00 AM

The largest-ever seizure of cryptocurrency by the U.S. government has worked out to be a windfall for taxpayers.

The largest-ever seizure of cryptocurrency by the U.S. government has worked out to be a windfall for taxpayers.

of cryptocurrency by the U.S. government has worked out to be a windfall for taxpayers.At issue are thousands of bitcoins seized in November 2020 in connection with the illegal Silk Road marketplace, a dark web forum on which drugs and other illicit products were bought and sold with the digital currency.

The bitcoins are still in the government’s possession, for bureaucratic reasons. And in the year since, bitcoin hastripled in price.So what was once worth $1 billion is now worth around $3 billion.That’s down a bit from when bitcoin was at its all-time high of $67,000 last month. But with bitcoin hovering at around $55,000 — up from roughly $18,000 in November 2020 — Uncle Sam has still done pretty well.

Read more: Yahoo News »

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