08 Oct '13, 10am

The Ultimate Bitcoin Question: Can the Feds Spend $3.3M in Seized Digital Currency?

When the FBI seizes millions of dollars in cash from some warehouse at the heart of an urban drug cartel, the money winds up in a government building somewhere and eventually finds its way into a government bank account, where it helps finance all sorts of government stuff, like the next FBI drug bust. But what happens when the feds bust an online drug marketplace and confiscate millions of dollars in bitcoins, the wildly popular digital currency that doesn’t exactly align with the government’s way of doing things — and so often serves as a convenient means of money laundering? What will become of the $3.3 million in bitcoins the FBI seized after shutting down the Silk Road early last week — not to mention the $80 million or so in bitcoins they’ve yet to seize from the personal account of the man who allegedly ran the online drug bazaar? What does it even mean to seize mon...

Full article: http://www.wired.com/wiredenterprise/2013/10/silk-road-bust/

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