https://ift.tt/ThqcBQk Silk Road Bitcoin Will Clear Ross Ulbricht’s $183 Million Debt | CryptoGazette

Ross Ulbricht is making headlines these days following a new court decision.

It’s been reported that Silk Road creator Ross Ulbricht will see his $183 million debt wiped out following the seizure of $3 billion in bitcoin connected to an unnamed Silk Road hacker, according to a court filing.

CoinDesk notes the fact that back in 2015, Ulbricht was sentenced to life in prison without parole.

He was also ordered to pay $183 million in restitution. It’s important to note the fact that this is a figure calculated from the total illegal sales on Silk Road using an exchange rate at the time of each transaction.

Court documents dating back in 2020 reveal that the Justice Department seized 69,370 bitcoins from a hacker who moved the trove to a private wallet in April 2013.

Ulbricht has been given a surprising reprieve, according to the notes coming from CoinDesk.

It’s also important to mention that the Justice Department made a deal with him in February 2021 that forfeits any claim Ulbricht may have had to the stolen bitcoin in exchange for the restitution to be repaid once the bitcoin is sold.

“The parties agree that the net proceeds realized from the sale of the [bitcoin] forfeited pursuant to this agreement shall be credited toward any unpaid balance of the Money Judgment,” the court filing reads.

Back in 2020, Ulbricht made headlines when it’s been revealed that Donald Trump was considering Ulbricht for pardon, according to the latest reports.

This triggered a debate on Twitter among followers.

Someone commented: “I agree he should serve time, but that sentence is beyond ridiculous. The sentencing system in the US is sometimes barbaric and disproportionate compared to the rest of the world.”