The US government has announced plans to sell approximately $130 million worth of Bitcoin. These cryptocurrencies were previously seized in the high-profile Silk Road investigation.
Court documents released on January 8, 2024 confirmed the forfeiture of 2874.904256 BTC worth approximately $129,251,164.54 and an additional 58.742155166 BTC worth approximately $3,304,833.65.
US to sell over 2,930 Bitcoins (BTC)
The move to sell more than 2,930 BTC was made in the wake of the U.S. District Court for the District of Maryland’s decision in United States v. Joseph Fares. The tokens were initially seized from Ryan Fares and Sean Bridges. This decision marks a major step in the government’s handling of digital assets involved in criminal activity.
“The United States hereby gives notice of its intent to dispose of the forfeited assets pursuant to the direction of the United States Attorney General,” the court documents read.
Read more: Ross Ulbricht: The true story behind the Silk Road founder
The U.S. Attorney General will oversee the sale and ensure compliance with legal and regulatory standards. This initiative represents a significant development in the ongoing Silk Road case. It also sets a precedent for future government actions regarding cryptocurrencies.
This is a developing story…