US Government Approved the Liquidation of 69,000 Bitcoin ($6.5B) Seized from Silk Road

A federal judge on December 30 approved the sale of about 69,370 Bitcoin, valued at an estimated $6.5 billion, that was seized by the U.S. Department of Justice (DOJ) from the darknet’s notorious Silk Road marketplace. This concludes the lengthy court saga over claims regarding the true ownership of these cryptocurrencies.

The Bitcoin was seized from the infamous dark web marketplace known as Silk Road, which was notorious for illicit activities such as drug trafficking and hacking services. The assets have been at the center of a highly publicized and litigated matter.

US Govt has been given the greenlight to liquidate 69,000 BTC ($6.5B) from Silk Road, an official confirmed to DB News todayInteresting situation less than 2 weeks away from the new admin who vowed to not sell https://t.co/HqD1KnhJK3 pic.twitter.com/xn8ATSEL7H

Battle Born Investments attempted to claim an interest in the Bitcoin through a bankruptcy estate. However, they failed to halt the sale or uncover the identity of the initial individual who surrendered their Bitcoin.

The DOJ expressed concerns over Bitcoin’s volatility as the main reason for pushing for a swift sale. They argued that any further delay in selling the assets could result in substantial losses due to market fluctuations. This legal victory follows the U.S. Supreme Court’s decision not to hear Battle Born’s appeal last October, paving the way for the sale.

The move to sell the Bitcoin had an immediate impact on the market. Following the announcement, Bitcoin dropped from around $95,000 to $93,800. It is currently trading at about $94,300, showing a slight dip of nearly 3% in the last 24 hours.

President Nayib Bukele of El Salvador expressed optimism about this, stating, “Maybe we’ll all get the chance to buy Bitcoin at a discount.”

Once the liquidation process begins, it will be one of the largest sales of crypto assets in history, overseen by the U.S. Marshals Service. The sale is likely to raise questions about its impact on the market, especially considering that Bitcoin’s value has surged significantly since Silk Road was shut down in 2013.

In other news, an Oklahoma senator has proposed the Bitcoin Freedom Act for payments.