Will bitcoin be used to repay Ross Ulbricht's debt?

The transformation of value in the digital age. A court filing reveals that bitcoin seized in 2020 will be used to repay the Silk Road founder's debt to the U.S. government. "Human Blockchain," a painting made by Ross Ulbricht in prison (Danny Nelson/CoinDesk)

What happened to Ross Ulbricht?

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. In 2015, Ulbricht was sentenced to life in prison without parole.

Will bitcoin be used to repay Silk Road founder's debt?

Head to consensus.coindesk.com to register and buy your pass now. A court filing reveals that bitcoin seized in 2020 will be used to repay the Silk Road founder's debt to the U.S. government.

What happens if a bitcoin is seized?

"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. There is currently no set date on when the auction for the seized bitcoin will take place.