Silk Road 2 Admin Forfeits $667,000 in Bitcoin to UK Law Enforcement –

The founder of now-defunct marketplace Silk Road 2 has reportedly forfeited more than half a billion dollars worth of Bitcoin to British authorities. White's Silk Road 2 admin handle was "Cthulhu" and he also called himself "DPR2".

Silk Road 2 Admin Thomas White Loses $667K in Bitcoin

In April 2019, Bitcoin.com News reported about Thomas White, the lead administrator of the now-defunct darknet marketplace Silk Road 2 (DNM), who is sentenced to five years in prison. The Silk Road 2 (SR2) DNM was the successor to the original Silk Road after the Silk Road's first administrator was taken into custody. White, 26, operated the DNM under the names "Cthulhu" and "DPR2" and was eventually tracked when he ordered a package on the SR2 marketplace itself.

Sky News Reports that White was forced to hand over £490,000 ($667,000) worth of Bitcoin from his net proceeds. Prosecutors continued to monitor White's finances after he was jailed and the National Crime Agency (NCA) believes he made around £1.5 million ($2,048,100) from his SR2 operations. Law enforcement Estimates that the SR2 brought in around $8 million in Bitcoin every month after its launch.

National Crime Agency claims White was a 'respected member of the original Silk Road hierarchy'

SR2 reportedly had no official connection to the original Silk Road market, but appeared online about 30 days after the site was seized in October 2013. At the court hearing last week, White was described as being linked to members of the original Silk Road and the NCA said he had used his reputation to his advantage.

“Thomas White was a respected member of the original Silk Road hierarchy,” said Tyrone Surgeon, an NCA spokesman. "He used this to his advantage in closing the original site and profited significantly from his criminal activities. This case proves that crime doesn't pay - not only has he spent the last two years in prison, but he now has to fork over almost £500,000," Surgeon added.

So far, White has served two years of his five-year, four-month sentence while forfeiting $667,000 worth of Bitcoin. The SR2 administrator was charged with money laundering, drug trafficking and possession of illegal images. “This was a complex, international investigation and shows that we will use every tool at our disposal to prevent organized criminals from profiting from their crimes,” Surgeon added in his statement.

What do you think about SR2 administrator Thomas White being forced to offload more than half a billion dollars worth of Bitcoin? Let us know your thoughts on this topic in the comments below.

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