Coinfirm Says US Authorities Left Out Millions Of Asset From Seized Silk Road Wallet

US Customers Continue To Circumvent global Binance “Block” Policy

Coinfirm, an analysis firm, has announced that the recently seized Bitcoin associated with the silk road wallet left out in the open is still worth millions. In its analysis, Coinfirm said that there is still a huge amount of Bitcoin in wallets associated with the seized wallet.

The United States Department of Justice released the news on November 5 that it has apprehended the individual X behind the stolen Bitcoin on the silk road platform. According to the authorities, the hacker called law enforcement that he was ready to surrender the wallets that held almost $1 billion in Bitcoin.

Coinfirm lists out the assets that were not recovered by authorities

In its review of the wallet that was seized from the hacker, the authorities said that in addition to the 69,370 Bitcoin in the wallet, it also found Bitcoin Gold, Bitcoin Cash, and Bitcoin SV totaled to be around 69,370. However, following its investigation into the wallet, the analysis platform said that the US regulatory body failed to look at the people in charge of the wallet’s private keys.

After Coinfirm released the statement claiming that outstanding funds from the account are worth millions of dollars, the firm has also released information on the coins contained in the wallet. According to their analysis, Coinfirm said that the authorities have left out 693,701 Bitcoin Diamond, which is currently worth $310,000, Super Bitcoin valued at 69,370 and worth approximately $66,000. The analysis firm also claims that Bitcoin Private worth around $11,000 was also contained in the wallet taken from the hackers.

Another report released by the analysis firm claims that the hacker in question, Individual X, was allowed to go without facing any charges after cooperating with authorities. What remains unknown is whether or not this will change the deal that the hacker signed with authorities.

Coinfirm says there are various case scenarios why authorities would leave out the Bitcoin

The Silk road Bitcoin case first shot up into the limelight after authorities announced that they had arrested the Ponzi website owner. After his apprehension, it was discovered that the accumulated Bitcoin on the platform was stolen after a hack attack. Soon after, authorities launched a search for the hacker before he was reported to have subsequently surrendered the wallet to authorities.

Meanwhile, Coinfirm has confirmed that various case scenarios would have led to authorities leaving out the substantial amount of Bitcoin in the wallet. The case of hack attacks has been rampant in the crypto market of late. The latest one that happened recently was in the DeFi sector, where pickle suffered a massive loss after a hacker drained its vault and carted away nothing less than $20 million. Records show that hack cases were very high when nations were being locked down during the coronavirus pandemic. With this, authorities have warned platforms to ensure they have sophisticated security.