The U.S. District Court of Maryland Issues Notice Regarding Disposition of Silk Road Bitcoin
The U.S. District Court of Maryland has released a notice concerning the handling of a significant amount of Bitcoin from the former darknet marketplace, Silk Road, totaling over $131 million.
Background: U.S. v. Joseph Farace
This action follows the court’s previous order in the case of U.S. v. Joseph Farace, where Bitcoin was seized from Ryan Farace and Shaun Bridges in 2021. Ryan Farace, along with his father, was sentenced to 54 months in prison earlier this year for laundering drug profits through the dark web.
Shaun Bridges and the Silk Road Connection
Shaun Bridges, a former U.S. Secret Service Special Agent, was convicted in 2015 for using Bitcoin to launder drug money on the notorious darknet market, Silk Road.
The Confiscated Digital Assets
The seized digital assets consist of 2,874 Bitcoins valued at approximately $129 million and 58 Bitcoins worth around $3 million. Both batches were confiscated in 2021 in Memphis and Arlington.
Selling Forfeited Assets
The U.S. District Court intends to sell the forfeited assets as directed by the Attorney General. Any individuals who claim an interest in the seized assets have a 60-day window from Jan. 10 to file an ancillary petition, which is required to assert ownership over a seized property.
Once all claims have been reviewed or the claim period ends, the U.S. will officially become the owner of the seized Bitcoin and can legally sell it.
Hot Take: U.S. District Court Prepares to Dispose of Seized Silk Road Bitcoin
The U.S. District Court of Maryland has taken significant steps towards the disposition of over $131 million worth of Bitcoin seized from the darknet marketplace, Silk Road. Following a previous court order in the case of U.S. v. Joseph Farace, where Bitcoin was confiscated from individuals involved in money laundering, the court is now preparing to sell the forfeited assets. This includes 2,874 Bitcoins valued at around $129 million and an additional 58 Bitcoins worth approximately $3 million. Individuals who believe they have a claim to these assets have been given a 60-day period to file the necessary legal documents. Once this process is complete, the U.S. will gain ownership of the Bitcoin and can proceed with its sale.
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