Silk Road founder drops claim to millions of dollars

Ross Ulbricht, Silk Road founder, drops claim to millions of dollars raised on Bitcoin auctions
03 October 2017   379

Ross Ulbricht, the founder of the illegal marketplace Silk Road, drops claim to millions of dollars raised on Bitcoin auctions, that were previously seized by US law enforcement.

Ross Ulbricht
Ross Ulbricht photographed by Julia Vie

Thus, accroding to coindesk.com, on September 29th, US District Judge Katherine Forrest issued an order forfeiting over $48 million to the US government. Those funds were gained as the US Marshals Service auctioned off more than 144,000 Bitcoins confiscated during the crackdown on the Silk Road.

These $48 million will count toward the more than $180 million in monetary judgments Ross Ulbricht was ordered to pay at sentencing.

Sentenced to life imprisonment for the distribution of drugs and hacker attacks, Ross Ulbricht previously claimed his rights to the confiscated funds. However, now the man has changed his mind, the motives behind which remain unclear. 

In total, the value of the Bitcoins seized from Silk Road accounts was estimated at $122 million. Today this amount would be more than $620 million.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   78

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.