The US government has been given the green light to liquidate 69,000 BTC (worth $6.5 billion) from the Silk Road case. This decision is especially noteworthy after the new administration previously stated that the Bitcoins would not be sold.
US Approves Sale of 6.5 B from Silk Road Case
A federal judge ruled on December 30 that the Department of Justice (DOJ) can sell 69,370 Bitcoins seized from the Silk Road darknet marketplace, officials confirmed. The DOJ had requested permission to sell these assets, citing Bitcoin price fluctuations. When asked about the next steps, a DOJ spokesperson stated, “The government will take the next steps according to the ruling of this case.”
This decision follows a years-long ownership controversy over the confiscated bitcoins and comes after Battle Born Investments lost its bid to delay the sale. The investment group had argued ownership through a bankruptcy estate and recently lost a related Freedom of Information Act (FOIA) case that sought to reveal the identity of “Individual X,” who originally gave up the bitcoins. Battle Born’s attorney called it “another egregious example of the DOJ’s abuse of the Civil Asset Forfeiture process,” claiming the government “relied on procedural trickery to ensure the facts are never heard.”
It’s important to note that the U.S. government’s civil forfeiture action legally allows the government to seize property connected to criminal activity. On July 29, the U.S. government had already transferred around $2 billion worth of Silk Road-linked Bitcoin to the Marshals Service, which uses Coinbase Prime to custody seized cryptocurrencies.
As of today, Bitcoin is quoted at $94,291 after a dip of 2.20% in the past day. The 24 hour market volume of Bitcoin is $64.27 billion, which saw an uptick by 3.23%.
Notably, President-elect Donald Trump, set to take office on January 20, had previously stated that he would not sell any of his 1 BTC after assuming office. In wake of this, the decision to sell the bitcoins-especially as their value continues to dip-is particularly noteworthy.
Also Read: How High May Bitcoin Price Rally In January 2025?
