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United States Government to Sell $130 Million in Bitcoin

1 min
Updated by Bary Rahma
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In Brief

  • The US government plans to auction off over 2,930 BTC, worth about $130 million, seized in the Silk Road case.
  • The US District Court for the District of Maryland ordered the forfeiture following the case against Joseph Farace.
  • The sale marks a significant step in the government's approach to handling digital assets from criminal activities.
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The United States government 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, valued at around $129,251,164.54, and an additional 58.742155166 BTC, worth approximately $3,304,833.65.

United States to Sell Over 2,930 Bitcoin (BTC)

This move to sell over 2,930 BTC comes after the US District Court for the District of Maryland’s ruling in the case of US v. Joseph Farace. The tokens were initially confiscated from Ryan Farace and Sean Bridges. The decision signifies a major step in the government’s handling of digital assets involved in criminal activities.

“The United States hereby gives notice of its intent to dispose of the forfeited property in such manner as the United States Attorney General may direct,” court documents read.

Read more: Ross Ulbricht: The Real Story Behind the Silk Road Founder

US Bitcoin Holdings
US Government Bitcoin Holdings. Source: CryptoQuant

The United States Attorney General will oversee the sale, ensuring compliance with legal and regulatory standards. This initiative represents a critical development in the ongoing Silk Road case. It also sets a precedent for future government actions involving cryptocurrencies.

This is a developing story…

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Bary Rahma
Bary Rahman, a talented journalist, graduated from New York University with a degree in Journalism. Skilled in SEO, she has worked with CNN, showcasing her investigative skills and storytelling abilities. In addition to her journalistic accomplishments, Bary has contributed her expertise as a content writer for Binance, crafting insightful articles on the dynamic crypto industry. Her unique fusion of journalism and SEO makes her a versatile and highly respected figure in the industry.