Ulbricht Surrenders $48 million in Bitcoins to the Feds
Channel: The iState Channel
Date: 2017-10-04

What, if anything, was the benefit to Ross Ulbricht surrendering his Bitcoin wallet to the Feds?

Ross Ulbricht, Bitcoin, Lyn Ulbricht, Silk Road, Civil Asset Forfeiture

http://istate.tv/ulbricht-surrenders-48-million-in-bitcoins-to-the-feds

Ross Ulricht has surrendered his claim to 144,336 BitCoins, or what amounts to nearly $50 million to the Federal government through their civil asset forfeiture program.  Bitcoin News conducted an interview with Ulbricht’s attorney, Paul Grant, over the phone.  You can read the full interview here.

Grant started off the interview by stating that “It’s over. This part of Ross’ struggle, his fight, is over.”

But what exactly did he agree to, and why?  From my take of reading the interview, I don’t really have a clear answer beyond the claim that he did so to remove this part of his struggles so he could concentrate on the business of attempting to overturn, or at least vacate the heavy-handed two-life term sentence given to a man for allegedly running a website.

In the ‘agreement,’ it appears that Ulbricht is not only surrendering his bitcoins, about $48 million worth, but he is also surrendering any further potential future litigation regarding this special arrangement.  The $48 million dollars, the agreement states “shall be credited in PARTIAL satisfaction of the money judgment.”

Now, given this fact, what is perplexing to me is how this agreement really settles this matter for Ulbricht.  All it really did was remove a bargaining chip, if you will for Ulbricht in the future.  How much, exactly, is that money judgment?

From Vice 
In a memo on Thursday (editor’s note:  article date is  May 28 2015) , government prosecutors imposed a money judgement against the Ulbricht equal to $183,961,921. They came to that number based on the transactional records from Silk Road showing the amount of illegal drug sales as $182,960,285 combined with the transactions for fake identification equal to $1,001,636.

Ulbricht still has looming over him a $130+ million tab to the government, a figure that hardly shows how Ulbricht has put this part of his struggle behind him.  The daunting money judgment is still upon him.- See more at http://istate.tv
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