The U.S. Government Plans to Sell Seized Bitcoin Worth $117 Million
The U.S. government has filed a notice stating its intention to sell approximately $117 million worth of bitcoin that was seized in a dark web drug bust. The notice, dated January 8, reveals that the government plans to dispose of nearly 2,875 bitcoin seized from Ryan Farace and Sean Bridges in 2021, along with an additional 59 bitcoin belonging to Farace alone. At the time of the filing, the seized bitcoin was valued at around $133 million.
Dark Web Drug Dealer Used Silk Road
Ryan Farace, known as Xanaxman in the online drug trade, admitted in a plea deal that he used Silk Road, the infamous dark web site. The U.S. government has also stated that anyone interested in claiming ownership of the forfeited bitcoin can do so within 60 days.
Impact on Bitcoin’s Price
Market watchers have been closely monitoring the potential impact of a large sale of bitcoin by the U.S. government on its price. In December, a U.S. appeals court finalized the forfeiture of 69,370 bitcoin connected to the now-defunct Silk Road market. Meanwhile, Ross Ulbricht, the founder of Silk Road, is currently serving a life sentence in jail.
Hot Take: U.S. Government’s Bitcoin Sale Raises Questions About Market Impact
The U.S. government’s plan to sell seized bitcoin worth $117 million raises questions about how it could affect the cryptocurrency’s price. With market watchers speculating on the potential impact of such a large sale, it remains to be seen how this will play out. Additionally, the involvement of Silk Road and its founder Ross Ulbricht adds an intriguing layer to the story. As the government moves forward with the sale, all eyes will be on the market to see how it reacts to this significant event.
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