US „forgets“ to seize $2 million in Bitcoin forks

Coinfirm discovered that several Bitcoin forks have apparently been ignored by the US government, examples include the Bitcoin Diamond (BCD), Super Bitcoin (SBTC) and Bitcoin Private (BTCP) forks.

The US authorities have lost approximately $400,000 (R$ 2 million) in Bitcoin forks in various wallets confiscated from criminals over the years. The report was released by the cryptomime analysis company Coinfirm.

The „lost“ amounts consist of Bitcoin forks, i.e. Bitcoin-derived cryptomaps, such as Bitcoin Cash (BCH), and Bitcoin Satoshi Vision (BTCSV).

Over the years several people have cloned the Bitcoin blockchain to create new coins, so that Bitcoin holders (before cloning) can sell the cloned coins.

Coinfirm identified that most of the funds „forgotten“ by the US authorities are from the confiscated portfolios of Silk Road (black market closed in 2013). The FBI announced that it confiscated $1 billion from the wallet last month, but no information was provided on the derived coins.

„Although the Justice Department has received praise for securing an individual’s large assets, the story doesn’t end there,“ he said, „Coinfirm has identified millions of dollars in assets that the Justice Department apparently left behind and to which the individual can still have access.

Coinfirm found that several Bitcoin forks have apparently been ignored by the US government, examples of which include the Bitcoin Diamond (BCD), Super Bitcoin (SBTC) and Bitcoin Private (BTCP) forks.

To find out if an old portfolio has funds in forks, just access the new currency block explorer and check the balance and movements.

Coinfirm estimates that the value of the portfolios adding all hardforks can reach $400,000. That’s 693,701 BCD ($310,000), 69,370 SBTC ($66,000), and 69,370 BTCP (11,000).

The current holder of the portfolios and private keys may have access to the funds.

Coinfirm has helped authorities identify funds from these that were left to criminals. The company is one of the world’s leading companies in tracking and tracing digital assets.

The company has found funds in 3 currencies, but currently there are at least 105 Bitcoin hardforks active. Most reach zero in value with a short lifespan, but some projects manage to hold on for a while.

It is likely that the value that the US government is failing to confiscate is much higher than $400,000, since as Livecoins found out, at least another 20 forks are traded above $100.

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