The U.S. Government Plans to Sell $130 Million Worth of Bitcoin

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 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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