The government previously promised to liquidate approximately 40,000 remaining BTC from the seizure in “four more batches” over the remainder of the calendar year.
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Bitcoin was not subject to U.S. government selling this week, analysis shows, but BTC price action remains pressured.
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James Zhong pleaded guilty to the wire fraud charges in November 2022 and had been awaiting sentencing for his role in the “unlawfully obtained” Bitcoin scheme.
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On March 14, 2023, the government sold 9,861 BTC for $215.7 million, according to court documents filed on March 31.
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The United States Attorney’s Office for the Southern District of New York has announced that an individual has pled guilty to wire fraud charges connected to “unlawfully obtained” Bitcoin from the Silk Road marketplace in 2012.In a Nov. 7 announcement, the U.S. Justice Department said James Zhong pled guilty to wire fraud charges related to executing a scheme to steal roughly 50,676 Bitcoin (BTC) from Silk Road. Authorities seized the Bitcoin from Zhong’s home in the state of Georgia in November 2021, at which time the total value of the crypto was roughly $3.36 billion. “James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road,” said U.S. Attorney Damian Williams. “For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery.” Williams cited “state-of-the-art cryptocurrency tracing” and “good old-fashioned police work” in the authorities tracking down and recovering the stolen BTC. IRS special agents raided Zhong’s property, finding more than 50,491 BTC in a floor safe and “on a single-board computer that was submerged under blankets in a popcorn tin” in addition to another hoard of more than 11 BTC, $661,900 in cash, and 25 Casascius coins worth roughly 174 BTC. “This case shows that we won’t stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin.”According to the Justice Department, Zhong’s scheme involved creating nine accounts on the marketplace to conceal his identity and triggering more than 140 transactions in short order “to trick Silk Road’s withdrawal-processing system” to send the BTC. He was able to set up the accounts with “the bare minimum of information” and didn’t conduct any listings or sales. After withdrawing more BTC than he had deposited, Zhong moved the funds out of Silk Road and “consolidated them into two high-value amounts.”“As an example, on September 19, 2012, Zhong deposited 500 Bitcoin into a Silk Road wallet,” said the Justice Department. “Less than five seconds after making the initial deposit, Zhong executed five withdrawals of 500 Bitcoin in rapid succession — i.e., within the same second — resulting in a net gain of 2,000 Bitcoin.”Related: DoJ seizes $3.6B in crypto and arrests two in connection with 2016 Bitfinex hackSilk Road, defunct for almost ten years, originally allowed users to buy and sell illicit goods such as weapons and stolen credit card information. However, the marketplace drew the attention of the FBI as many listings were for illegal drugs. Silk Road creator Ross Ulbricht was arrested for his role in 2013 and is currently serving two life sentences without the possibility of parole. Zhong could face up to 20 years in prison for wire fraud. He is expected to be sentenced in February 2023.
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Criminals that used cryptocurrency as part of committing a crime are more likely to receive a tougher sentence in Australian courts, a new study has found. The study, titled “Crime and Cryptocurrency in Australian Courts” published on July 18 in the Monash University Law Review found that the use of cryptocurrency in criminal activity was seen as indicating an increased “degree of planning” and sophistication, leading the court to “consider general deterrence above other sentencing purposes.”“Obtaining and using cryptocurrency for payments does require a greater degree of technical skill compared to the general population which may be unfamiliar with these payments.”The study analyzed 103 cases presented to Australian courts between 2009 and 2020, with specific focus on 59 criminal cases and their sentencing procedures.Not so sophisticatedStudy authors, Dr Aaron Lane and Dr Lisanne Adam found that Aussie courts broadly perceive crypto use as being indicative of “technical sophistication” and “intentional obfuscation.”However, the pair argued that Aussie courts may be “too eager to adopt a relatively simplistic characterization” of crypto use in criminal activity, arguing that not all crypto use can signify the same level of sophistication. “Sophistication exists on a spectrum.”Courts must be able to differentiate between the different types of crypto transactions used by perpetrators, especially as the wider adoption of digital assets continues to grow. Perpetrators that used centralized digital currency exchanges — where KYC requirements mean that identification can be readily obtained — cannot be treated similarly to offenders that intentionally use anonymous non-custodial wallets or mixing services to obscure transaction data. Cryptocurrency and digital assets have a long standing reputation by some in the public realm as being linked to illegal activity, most likely stemming from Bitcoin’s initial association with the infamous darknet black market Silk Road. While this negative association still looms over the digital asset industry, the amount of crypto used for illicit activity has never been lower according to a recent report from CipherTrace. The report estimated that illicit activity was between 0.62% and 0.65% of overall cryptocurrency activity in 2020, and has since fallen to between 0.10% and 0.15% of overall activity throughout 2021.
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Solana (SOL) NFT holders will soon have a new option for where to trade, with OpenSea teasing its integration of the Solana blockchain.A 16-second video shared by the OpenSea Twitter account opened with the phrase “wen solana???” being typed into a search box and revealed that Solana will be supported by the marketplace in April.The best kept secret in web3 pic.twitter.com/xuZn64cZ4U— OpenSea (@opensea) March 29, 2022Rumors of OpenSea supporting Solana NFTs have circulated for months. Security researcher Jane Manchun Wong — who made Forbes 30 under 30 for her high profile tech leak scoops — shared images on Twitter in January she said were sourced from OpenSea’s platform.The images show the marketplace’s “blockchains filter” listing Solana as an option and the Phantom Solana crypto wallet appearsg in a list of supported wallets. OpenSea’s Chains Filter showing Solana as an option pic.twitter.com/asQoYrfTm4— Jane Manchun Wong (@wongmjane) January 25, 2022
OpenSea coyly replied to Wong’s tweet with a “wide eyes” emoji at the time, but didn’t outright confirm or deny the authenticity of the claim.Many popular Solana NFT projects have announced their intention to list with OpenSea in April, including SolPunks, Turtles, Remnants and the Degenerate Ape Academy.The Solana integration will pitch OpenSea in direct competition with Magic Eden, Solanart, and Solsea, the current leading NFT marketplaces on the Solana blockchain.Mistake or hack? Bored Ape NFT sells for $140An OpenSea user by the handle “cchan” has sold a Bored Ape NFT and a Mutant Ape NFT for a combined value of $140.A user made offers on the NFTs which were accepted by cchan and the sales were made to the within a minute of each other on Monday, Mar. 28, with BAYC #835 sold for 115 DAI, and MAYC #11670 sold for 25 DAI which is 99% under the current floor price.DAI is a US dollar stablecoin with a diamond logo and it’s unknown if cchan mistook the offers to be in Ethereum (ETH) which would’ve been the equivalent of $470,000, or if the sales weres the result of a hack.Activity by the user who purchased the NFTs shows a history of offers being made in DAI on Bored and Mutant Ape NFTs, which some have suggested could be in the hopes that this exact set of circumstances would occur.Silk Road Founder to launch new NFTs at Bitcoin MiamiRoss Ulbricht, the imprisoned founder of the defunct darknet marketplace “Silk Road” is set to release another collection of NFTs at the Bitcoin 2022 conference in Miami in April, with funds raised going toward helping children travel to visit their parents in prison.In December 2021, Ulbricht auctioned a collection at the Art Basel Miami which netted him $6.2 million. The collection was purchased by FreeRossDAO, a decentralized autonomous organization that aims to “share Ross’s work with the world and give everyone a unique opportunity to own a piece of it.”“All of this has brought a new spark to my life,” Ross wrote in a post, reflecting on the sale of his last collection.“I have direction and purpose and I feel like I can make a difference again. The more money we raise, the more good we can do, so I have been busy creating my next art collection.”Dubbed the “Growth Collection”, it will be minted on the Bitcoin blockchain via Counterparty, and the piece will reportedly feature four physical oil paintings and one hand-drawn animation, accompanied by five Bitcoin NFTs to be auctioned on the Scarce.City network.Related: NFTs are changing the way photographers create and market contentUlbricht is serving two life sentences without the possibility of parole for his part in creating the illicit online marketplace, which famously used Bitcoin as the means of transaction.WWE and the MetaverseThe WWE has partnered with Fanatics, a sports marketing business which, amongst other offerings, enables brands to offer digital collectibles and NFTs to their audience.The partnership will see Fanatics create “physical, digital, and non-fungible token (NFT) trading cards” for the WWE, with Fanatics to become the exclusive provider of licensed WWE physical and NFT trading cards, building a range featuring WWE’s “biggest moments and stars.”Other Nifty NewsMark Karpelès, the former CEO of the defunct Mt. Gox exchange announced that users who used the exchange between 2010 and 2014 around the time it was hacked, are eligible to register for a free NFT in the hopes it will “erase a bit of the loss incurred in Mt. Gox.”The Decentraland metaverse hosted the Metaverse Fashion Week between March 24-27, 2022, the event attracted over 70 big name fashion labels and artists such as Tommy Hilfiger, Dolce and Gabbana, and Estée Lauder.
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After announcing the launch of his “Genesis Collection” nonfungible token (NFT) auction, Ross Ulbricht, the alleged founder of dark web marketplace Silk Road, has sold his first NFT for $6.2 million or 1,446 Ether (ETH) at auction.The auction kicked off at Art Basel Miami via the SuperRare platform. FreeRossDAO, the decentralized autonomous organization set up to help free Ulbricht from imprisonment, placed the winning bid. The FreeRossDAO website states that the DAO aims to “advance prison reform” and to “share Ross’s work with the world and give everyone a unique opportunity to own a piece of it.”Ross Ulbricht’s “Perspective” $6.2M drawing from the “Ross Ulbricht Genesis Collection” of NFTs.The first NFT sold, called “Perspective,” was drawn in prison using graphite pencil and is part of a 10-piece collection of writings and artworks made by Ulbrict throughout his life. The collection also includes an animated video made by audiovisual artist Levitate and with a voiceover by Ulbricht about his time in prison. All proceeds raised from the “Genesis Collection” will go towards the Art4Giving fund, a donor-advised trust created by the FreeRossDao as a legal entity to fund new legal proceedings and raise awareness, according to the organization. FreeRossDAO plans to fractionalize the NFT into ROSS governance tokens and distribute them pro-rata in return for donor contributions. ROSS holders will be able to vote on proposals and participate in the guidance of FreeRossDAO.Ulbricht’s NFT ranks among the largest sales within the last seven days, as recorded by NonFungible.
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Silk Roads lead to nonfungile tokens Bidding for a 1/1 NFT auction created by imprisoned Silk Road founder Ross Ulbricht has surpassed 261 Ether (ETH), $1.17 million at the time of writing. The NFT depicts a hand-drawn illustration from Ulbricht of a psychedelic eye, and is part of a collection of writings and nine other artworks he created, some while in prison, that are included as part of the NFT sale. The auction kicked off on day one of the Art Basil Miami art fair on Dec. 2 and is being hosted by SuperRare. The auction is set to conclude on Nov. 8 and proceeds from the sale will go towards a trust supporting Ulbricht’s fight to be freed from his double-life prison sentence, and will also help launch the donor-advised charitable fund Art4Giving that aims to help prisoners and their families. In a blog post announcing the NFT drop, Ulbricht said that while his future looks bleak during his ninth year in prison without parole, he can do something positive to heal all the “damage” he sees around him.$225K NFT on sale for $20?Speaking of the Art Basil Miami art fair, Dmitri Cherniak the founder of the Ethereum-based and algorithmically generated NFT collection “Ringers” made an appearance out the front, offering to sell one of his NFTs worth $225,000 for a mere $20. It is unclear if the move was in jest, or a genuine offer however Cherniak shared a picture of himself at the event with a note on his Ipad that read “Ringers #0 for sale for $20.” Despite the floor price for Ringers NFTs currently sitting at 50 ETH or $225,000 on OpenSea, the artist noted that nobody took him up on the offer. Stood outside of the Art Basel convention center with a sign that said “Ringers #0 for sale for $20” and no one took me up on the offer. pic.twitter.com/2DWr7aml4A— Dmitri Cherniak (@dmitricherniak) December 2, 2021One user on Twitter noted that the stunt was similar to that of world-famous street artist Banksy, who has reportedly taken to the streets on multiple occasions to sell his art.“This is just like Banksy selling on the streets and no one taking him up on it until he started slashing prices. Dmitri might have gotten a nibble from the normies at $5-10, they def ngmi,” user 5511 wrote. Polygon to launch NFT gamesPolygon (MATIC), the Ethereum-based layer-two scaling solution and its gaming unit Polygon Studios have entered into a strategic partnership with GameOn Entertainment Technologies Inc. to build NFT games. GameOn is a U.S.-based sports prediction and gaming firm that caters to sports and media entertainment.According to a Dec. 2 announcement, the deal will see GameOn launch a series of NFT games on the Polygon network, while Polygon Studios will provide non-dilutive funding for 50% of GameOn’s going product development costs. The investment from Polygon Studios is part of a $100 million fund announced earlier this year that is focused on backing Web3 projects, with investments so far including DraftKings, DeFine and GameOn. Related: Deadmau5 and Portugal The Man release single as 1M NFTs in bid to go platinumGameOn stated in the announcement the partnership with Polygon Studios will significantly help the firm ramp up plans for the NFT sector. “The Polygon Studios investment allows GameOn to offer the full stack of capabilities from the creation, minting and selling of NFTs, to the game layers it already deploys for white label customers such as prediction and fantasy games,” the announcement read.Irishman producer looks to fund movies with NFTsNeils Juul, the executive producer behind Martin Scorsese’s hit film The Irishman, has created a new NFT company that aims to fund Hollywood films via NFT sales. According to a Dec. 1 report from The Hollywood Reporter, Juul’s new firm is dubbed “NFT Studios” and already has plans to fund a new comedy-drama film from NFT sales called “A Wing and a Prayer.”The movie will depict the real-life story of Brian Melton, who became the first man to circumnavigate the globe in an ultralight aircraft back in 1998. The film aims to feature A-list actors and is set to be shot in Malta and London by next April.“We are in the middle of a great transition in the entertainment business where traditional ways of film funding and ownership are being uprooted due to the rapid rise of streamers and other digital platforms,” Juul told the publication. Other Nifty NewsOn Thursday, Adidas announced it was entering the Metaverse in partnership with the Bored Ape Yacht Club creators Yuga Labs, gmoney NFT, and PUNKS Comic.On the same day, registered investment adviser and fintech firm Defiance launched the first NFT-focused exchange-traded fund (ETF) on the New York Stock Exchange Arca. The fund is listed under the ticker symbol NFTZ and has a management fee of 0.65% per year.
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