U.S. plans to sell $130 million of Bitcoin seized in connection with Silk Road

The U.S. authorities has filed notice to merchantability $130 cardinal of Bitcoin (BTC) antecedently seized transportation with the Silk Road darknet marketplace.

The authorities said that it says that it intends to dispose of (ie. sell) 2 tons of Bitcoin successful immoderate mode that the U.S. Attorney wide directs.

That volition apt spot the authorities merchantability some lots, including 2874.9 BTC valued astatine $129 cardinal and 58.7 BTC valued astatine $3.3 million.

The substance of the announcement besides allows for different individuals (except for defendants) to assertion involvement successful the forfeited spot done an ancillary petition wrong 60 days of Jan. 10. It besides allows for petitions for remission oregon mitigation, which would pardon immoderate oregon each of the seized Bitcoin from the forfeiture.

BTC belonged to Xanax seller and U.S. agent

The Bitcoin antecedently belonged 2 individuals. The archetypal batch was seized from Ryan Farace, a Maryland antheral who on with his begetter was convicted of a wealth laundering conspiracy involving darknet marketplace income of Xanax, and from Sean Bridges, a erstwhile U.S. Secret Service Special Agent progressive successful Silk Road investigations who stole Bitcoin that the U.S. authorities had antecedently obtained. The second, smaller batch was seized solely from Bridges.

The 2 tons were seized connected Feb. 10, 2021 successful Memphis, Tennessee, and connected May 11, 2021, successful Arlington, Virginia, respectively. A District Court successful Maryland antecedently condemned and forfeited the Bitcoin to the U.S. authorities connected Jan. 8, 2024.

Those funds marque up conscionable a tiny information of Silk Road-related seizures that the U.S. authorities has made to date. In summation to aboriginal seizures from Silk Road creator Ross Ulbricht circa 2013, the authorities seized $3.6 cardinal of Bitcoin from James Zhong successful 2022 arsenic good arsenic $1 cardinal of Bitcoin circa 2020.

As of December 2023, the U.S. authorities held about $9 cardinal worthy of Bitcoin, though this did not exclusively originate from Silk Road seizures.

The station U.S. plans to merchantability $130 cardinal of Bitcoin seized successful transportation with Silk Road appeared archetypal connected CryptoSlate.