Bitcoin - Acquired  ## Metadata - Author: **Acquired** - Full Title: Bitcoin - Category: #podcasts - URL: https://share.snipd.com/episode/6c817f9a-8aa6-4d22-b065-7f96ba34ec9a ## Highlights - Ross Ulbricht's Seventy Thousand Bick Coins Key takeaways: (* Ross Ulbricht was convicted of running the Silk Road website, which was a website where people could buy and sell drugs and other illegal items., * Ross Ulbricht paid seventeen million dollars for thirty thousand bick coins, which were part of the Silk Road's block chain., * Ross Ulbricht was convicted of hacking Ross Ulbricht's previous company, Silk Road, and stealing seventy thousand bick coins.) Transcript: Speaker 1 But he paid seventeen million for thirty thousand bick coin. I hope he held on to those, cause he would be doing probably better than his entire venture career on that at this point. Amazing. So, fun little kota on that actually in november of twenty twenty, so, like two months ago. I don't think it was part of the hundred and forty four thousand bick coin, but there was another about seventy thousand bick coin that were known to have been associated with silk road, like part of silk roads, bick coin, that people didn't know where they were. They transacted on the block chain. And so people saw this transaction happened, like, wo what happened? And a, it was about a billion dollars at the ces a couple f months ago, thes seventy thousand bic coin. And, ah, it turns out what the transaction was that the f b they haven't identified who or the circumstances, but the f b i had found, they callit individual x in, when they came forward and explained what happened. This person had hacked ross and the silk rod before all this went down, and stolen the seventy thousand bic ns from ross. And then the f b i tracked him down, and the transfer was, they were transferring this bit coins to federal custody. Speaker 2 Oh, interesting. Soamazing. So the person committed a different crime, hacking ross, and the f b i was jesting the crime of hacking, yes, the crime against the criminal. It's worth contextralizing a little bit sort of what's happening here when someone gets hacked or when bit coin gets lost, cause those are sort of two different things. ([Time 1:15:05](https://share.snipd.com/snip/42874908-fb0e-4db3-a27a-e0d58280125e))