The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still Missing
The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 bitcoin worth $4.8 billion is still missing. Just recently, a report focused on those funds discusses one of the market’s biggest mysteries and how people have seemingly forgotten about this massive stash. A number of […]
The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 bitcoin worth $4.8 billion is still missing. Just recently, a report focused on those funds discusses one of the market’s biggest mysteries and how people have seemingly forgotten about this massive stash.
A number of people understand that the Silk Road marketplace was shut down by global law enforcement (LE) in October 2013 and LE subsequently arrested Ross Ulbricht shortly after. Individuals are also familiar with the 173,991 BTC ($1.9B) from the Silk Road coins that were seized and later auctioned by the U.S. Marshalls.
However, the public is not wholly aware of the estimated 444,000 BTC ($4.8B) missing from the Silk Road and a recent study from mysteryarchive.com discusses the lost coins at length.
“What many people don’t know about the Silk Road story, is that the balance sheet does not add up, and everybody just seems to be okay with this fact,” the mysteryarchive.com report notes. The author further adds:
Generally speaking, you don’t close a case with $4.8B just unaccounted for and this remains the Silk Road’s greatest mystery as nobody can answer this simple question.
Mysteryarchive.com stresses that “another computer seems likely, as it is common practice to not put all your wealth in one place.” The report is not the only account of the hundreds of thousands of Silk Road BTC still missing from the darknet marketplace.
In 2015, news.Bitcoin.com shared an account from the alleged Silk Road mentor, ‘Variety Jones,’ who told a tale about an estimated 300,000 to 400k BTC stash. According to Jones, a rogue FBI agent dubbed ‘Diamond’ was harassing him with an attempt to obtain the hoard of Silk Road coins LE never seized.
“My back of the envelope calculations for SR [Silk Road] show that there was easily close to 400,000 BTC that wasn’t accounted for yet,” Jones wrote at the time. “I certainly don’t have it, it’s gotta be somewhere, and Diamond (the rogue FBI agent) is certainly willing to move heaven and earth to get the passphrase for it.”
Jones had said the rogue LE official was trying to extort him and the agent was also making “an average of $1,000,000 a month, committing felonies with wild abandon, just because he can.” Variety Jones, whose real name is Roger Clark, was arrested in Thailand in December 2015.
Oddly enough, Clark wasn’t charged for his association with the Silk Road (SR) or his crimes until the end of January 2020. Moreover, two rogue federal agents working with the SR investigation stole thousands of bitcoins acting as double agents.
The recent report details that the missing stash of hundreds of thousands of SR bitcoins may have been lost during the Mt Gox breach. A number of studies over the years have shown a great deal of bitcoins from the darknet marketplace might have found their way into the now-defunct Mt Gox exchange.
Alongside this, Homeland Security Investigations (HSI) agent Jared Der-Yeghiayan discovered interesting connections between Mt Gox and the SR marketplace. A summary of Der-Yeghiayan’s account was published on Freeross.org in a story called “Silk Road Case: The Real, Untold Story.”
“Der-Yeghiayan had identified multiple accounts belonging to the Silk Road operators that contained bitcoins worth millions of U.S. dollars,” the Untold Story study’s author notes.
The crypto community may never find out where this stash of BTC went, and can only speculate on how much really went missing. The mysteryarchive.com report concludes that it is noteworthy that Mark Karpeles (CEO of Mt Gox) helped LE with the federal investigation into the SR marketplace. Moreover, the author adds that Karpeles was also once a lead suspect in the case and was accused of being the SR leader at one point as well.
What do you think about the mysterious missing SR bitcoins? Let us know what you think about this story in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Mysteryarchive.com
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New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts
Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg […]
Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income.
Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market
According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts.
Ruenvadee Suwanmongkol, the secretary general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers. She added:
It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk.
Moreover, the general secretary said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.
The watchdog is set to unveil its new rules on crypto trading over the week, ahead of a public hearing scheduled for March. Officials involved in the meetings are expected to evaluate recommendations from local exchanges and brokerages.
Although it’s not confirmed, the general secretary suggested that investors have to prove some knowledge of the market before being allowed to open crypto accounts for trading.
Six Licensed Crypto Exchanges Operating in Thailand so far
The rhetoric from the Thai SEC is now shifting to a cautious one towards the cryptocurrencies’ risks. However, they keep granting licenses to crypto businesses in the nation. So far, in terms of digital asset exchanges approved, there are only six operating legally in Thailand.
They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed crypto exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter.
The SEC distinguishes cryptocurrencies as “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights.”
On the other hand, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or business, or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder,” said the financial watchdog.
What do you think about the words from the Thai SEC general secretary? Let us know in the comments section below.
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Image Credits: Shutterstock, Pixabay, Wiki Commons
Crypto Analyst Who Called 2018’s Market Boom Reveals His Main Altcoin Position
A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, has revealed his main altcoin position on a little-known cryptocurrency. The pseudonymous analyst, known as Smart Contractor on social media, told his over 100,000 followers he has been seeing signs the market […]
A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, has revealed his main altcoin position on a little-known cryptocurrency.
The pseudonymous analyst, known as Smart Contractor on social media, told his over 100,000 followers he has been seeing signs the market correction has bottomed out this month, and sees a surge in bitcoin’s price to $60,000 as a possibility.
The trader, as Daily Hodl reports, revealed he has a large position in the scalable smart contract platform TomoChain (TOMO), which per his words has the potential to double in value against the flagship cryptocurrency. Smart Contracter used technical analysis for his prediction:
The price of TOMO has, according to CryptoCompare data, already moved up over 86% in the last 30 days, as each token is now trading at $2.4, up from a little over $1 a month ago. The cryptocurrency was below that mark for most of last year.
Smart Contracter also pointed to the S&P 500 index which, according to him, shows investors’ risk appetite is recovering, and a bull period in the equities market could also benefit crypto, he said. The analyst also named the FTX Token (FTT) as a cryptocurrency he is eyeing, as it could bounce back harder than other cryptoassets.
On social media, he said the native cryptoasset of the popular derivatives trading platform FTX “will be one of the strongest and first to recover,” based on the chart’s structure. The trader added he sees the price of FTT crossing over the $40 mark to hit a new all-time high as the cryptocurrency market recover.
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Join the Most Awaited ICO of the Year and Get your Ticket to the Crypto world
After 12 years of existence, it was about time for crypto to be recognized as it deserves. Step by step, blockchain technology made its way to public institutions after it conquered vendors and business enthusiasts. With all the issues that came with bank services, no wonder people are so hyped over the idea of crypto […]
After 12 years of existence, it was about time for crypto to be recognized as it deserves. Step by step, blockchain technology made its way to public institutions after it conquered vendors and business enthusiasts.
With all the issues that came with bank services, no wonder people are so hyped over the idea of crypto payments – which provide users with data and financial security.
Tokenization in particular got its spotlight due to all the solutions they offer in terms of fair payments, loans, and votes.
And to bring the crypto area one step forward, a dedicated team developed one of the most intriguing utility tokens that will forever change the way we see crypto – the STC token, available on its dedicated ICO since February 1st.
What is an STC token?
STC is the core utility token of the Student Coin blockchain project – that makes possible the creation of personalized tokens without strong technical knowledge.
Having an account on the platform allows you to create:
Personal tokens – unique assets tied to a single account;
Startup tokens – assets that help you take a step forward to your dreams;
Corporate tokens – unique assets dedicated to a single company;
DeFi tokens – assets that allow you to perform various bank activities without the intervention of third parties;
NFT Tokens – transferable tokens that make possible the switch between platforms.
All these tokens are valued based on the STC Token, and they can be used for exchanges, trades, even crowdfunds.
Why is the STC token special?
The thing that makes the STC token superior to other tokens is its focus on the most important people in the world’s economy – students.
They are the next generation of employees, which will mark the success of current and future companies. To give people the chance to better education, there’s a need to make university programs more accessible.
But it’s not that easy. Reducing tuition fees will lead to a lower budget to afford qualitative researchers, teachers, programs, international collaborations, and so on.
Until now, the solution was bank loans. However, with our unpredictable economy, people lost trust in bank services. And who can blame them?
Therefore, Student Coin’s team came with a solution that decentralizes student loans – crowdfunding with personal tokens.
How does it work?
The future student creates its personal token. This token is put on the Student Coin market. The STC holders purchase the tokens until the student receives the money needed for tuition. After the student graduates and finds a job, a part of his salary will be locked to pay the loan. The STC holders receive a cyclical profit payment for their involvement.
This project is sustained by over 500 top universities worldwide, including Harvard University, the University of Manchester, and the University of Copenhagen.
A simple way for students to get the funds they need to achieve their dreams. At least, that’s the main focus, but this process can also be done for visionary entrepreneurs.
And that’s not the only reason why Student Coin studs out. Holding STC tokens give users the chance to vote in the project’s development and even sign petitions if they’re needed. It’s an entire ecosystem created to give people what they need and raise the utility of cryptocurrencies.
Although it started just 23 days ago, the team already raised $2 million worth of STC tokens and completed 35 phases.
Every phase finished till now had a hard cap of 100K USD, and the price increased by 0.0002 USD with every reloads.
Joining the ICO doesn’t just give you access to these tokens in advance, but it also gives you additional assets.
If you recommend the ICO to your friends and send them a unique referral link, you can earn 20% of ETH invested by every friend of yours, alongside 30% of their STC purchases.
Your friends also get an additional 5% of STC purchased.
And that’s what we call a fun activity!
Who is behind Student Coin?
Student coin is backed by a dedicated team of 44 people from 12 different countries, ready to expand crypto usability and create solutions for the world’s needs. Among them, you can find the former CTO of IBM for Europe, for example, or the president of the Harvard University Club of Poland.
By the end of 2021, the team plans to develop and implement STC Exchange, STC Terminal, and even an STC App, alongside listing the token on major crypto exchanges.
So, if their innovative ideas caught your attention, join the ICO and make sure to follow them on social media to be up to date with their features.
Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.