A federal judge granted permission on December 30 for the sale of approximately 69,370 Bitcoins, valued at around $6.5 billion, that had been confiscated by the U.S. Department of Justice (DOJ) from the infamous Silk Road marketplace in the darknet. This decision brought an end to a protracted legal dispute where various parties argued over who rightfully owned these digital currencies.
The Bitcoin was retrieved from the notorious online black market known as Silk Road, famous for various illicit activities such as drug dealing and hacking services. This treasure trove is now at the center of a widely discussed and contentious legal case.
The U.S. government has been authorized to convert approximately 69,000 Bitcoin (equivalent to $6.5 billion) seized from the Silk Road platform into cash, as confirmed today by an official to DB News. This action is set to take place just weeks before the incoming administration that pledged not to liquidate such assets.
— db (@tier10k) January 9, 2025
Battle Born Investments aimed at acquiring ownership rights over the Bitcoins held within a bankruptcy case. Due to time constraints, they couldn’t postpone the auction and identify the original individual who transferred their Bitcoins.
The Department of Justice (DOJ) expressed worries about Bitcoin’s unpredictable nature as their main motivation for wanting a swift auction. They believe keeping the assets any longer might result in substantial financial losses due to market instability. This legal triumph follows the U.S. Supreme Court’s decision not to consider Battle Born’s appeal from last October, which paved the way for the sale.
The decision to offload Bitcoin has promptly affected the market. In the blink of an eye after the announcement, Bitcoin’s price plummeted from approximately $95,000 to $93,800. At present, it is being traded around $94,300, demonstrating a minor decrease of almost 3% in the last day.
When the liquidation process begins, it’s anticipated to be one of the biggest cryptocurrency asset sales ever, overseen by the U.S. Marshals Service. This sale could spark debate about its potential impact on the market and the timing, particularly since Bitcoin’s value has seen a substantial rise since the Silk Road was closed in 2013.
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2025-01-09 10:29