US DOJ Found 50,000 Bitcoins Stolen from Silk Road more than a Decade ago

The US Department of Justice has reported the seizure of more than 50,000 bitcoins from a man who illegally obtained them from darkweb market Silk Road more than a decade ago.  

The owner of these funds has pleaded guilty to electronic communication fraud. The charge carries a maximum penalty of 20 years in prison.

The culprit pleaded guilty almost a year after law enforcement authorities seized 50,676.17851897 bitcoins from his home, which were valued at more than $3.36 billion when stolen.

Law enforcement found bitcoins in an underground floor safe and on a single-board computer that was hidden under blankets in a popcorn can set in a bathroom cabinet, as well as $661,900 in cash, 25 bitcoin Casascius coins (worth about 174 bitcoins), another 11,116 bitcoins and several bars of silver and gold.

The whereabouts of this huge sum of bitcoins has been a mystery for almost 10 years, US Attorney Damian Williams said in a release.

The Silk Road trading platform was launched in 2011. Its creator, Ross Ulbricht, was convicted in 2015 of seven counts, including drug trafficking, money laundering and computer hacking, and sentenced to life in prison.