US Government to Sell Seized Bitcoin
The United States government is planning to sell $130 million worth of Bitcoin that was seized in connection with the Silk Road marketplace case. The government has filed a notice to sell the Bitcoin, stating that the sale will be carried out in the manner directed by the US Attorney General.
Details of the Sale
The seized Bitcoin amounts to 69,000 BTC, and the government will be selling it in two separate lots. The first lot consists of 2,874.9 BTC, valued at $129 million, while the second lot contains 58.7 BTC, valued at $3.3 million.
Opportunity for Claiming Interest
Individuals, excluding the defendants, have the opportunity to claim interest on the forfeited assets by filing an ancillary petition within 60 days of January 10th. The notice also allows for remission or mitigation, which could result in some or all of the seized Bitcoin being pardoned.
The Origins of the Seized Bitcoin
The Bitcoin that was seized previously belonged to Ryan Farace and Sean Bridges. Farace, along with his father, was involved in a money laundering conspiracy related to the sale of Xanax on the darknet. Bridges, a former US Secret Service Special Agent, was deeply involved in the Silk Road investigations and had stolen the Bitcoin obtained by the government.
A Fraction of Total Seizures
Although this sale represents a significant amount, it is only a small portion of the total Bitcoin seized by the US government in relation to the Silk Road investigations. Since the early seizures of Ross Ulbricht’s Bitcoin, the government has accumulated a staggering $9 billion worth of Bitcoin.
Hot Take: US Government to Sell $130 Million Worth of Seized Bitcoin
The US government’s decision to sell $130 million worth of Bitcoin seized in the Silk Road case underscores its commitment to seizing and disposing of illicitly obtained cryptocurrency. The sale presents an opportunity for interested parties to claim a stake in the forfeited assets. It is also a clear indication of the government’s vast holdings of Bitcoin, which have grown significantly over the years. As cryptocurrencies continue to gain prominence, the US government’s actions serve as a reminder that illegal activities will not go unpunished in the crypto space.
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