The US law enforcement agencies confiscated Bitcoin worth $1 billion from the actors which were active over the dark web called Silk Road. To facilitate the management and selling of these seized crypto assets, on-chain blockchain analytics firm Chainalysis has rolled out an “asset realization program.”
$1 Billion Confiscation from Silk Road
The major aim of Chainalysis’s realization program is to assist government law enforcement agencies in managing and monitoring seized crypto assets. Chainalysis launched the program after the US government has successfully taken control of $1 billion in Bitcoin from Silk Road.
Per the experts, the US government seizes Bitcoin with the help of analytical tools offered by Chainalysis. These confiscated funds are used in illegal activities that happen over the dark web.
After a successful confiscation of digital assets, law enforcement agencies will either sell it or store it in safe wallets. Here comes the role of Chainalysis’s “asset realization program” which will help government authorities in the handling of seized assets. In its press release about the program, the firm said,” As law enforcement becomes more and more sophisticated in investigating illegal activity involving cryptocurrencies, including the recovery of illicit proceeds, the need for digital asset realization services is growing.”
Chainalysis’s chief revenue officer Jason Bonds says that it is the symbol of maturation of the crypto industry that the use of cryptocurrency has been extensively used by both good and bad actors. According to him, the firm will assist governments in “rooting out bad actors” and “asset recovery.”
Partnership with Asset Reality
Chainalysis will make a partnership with Asset Reality that is known for the management of confiscated and seized crypto assets. The major aim of the partnership is to sell those assets that are seized from illegal actors.
Earlier this year, the analytical and research tools of the Chainalysis were employed by various law enforcement agencies in getting control of funds that are illegally stolen by hacking groups and funds that were used in terrorism.
On the other hand, some crypto members believe the US agencies should store these assets instead of selling.