Key Takeaways
- The US Division of Justice was accepted to promote 69,370 Bitcoin seized from Silk Highway, a brand new report stated.
- Battle Born Investments opposed the sale however failed to dam it.
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The US Division of Justice (DOJ) has been approved to promote roughly 69,370 Bitcoin seized in reference to the Silk Highway darknet market, a haul at present valued at round $6.5 billion, DB Information reported Wednesday. The choice is about to finish a years-long authorized dispute over the BTC stash’s possession.
The US Govt has been given the greenlight to liquidate 69,000 BTC ($6.5B) from Silk Highway, an official confirmed to DB Information right this moment
Fascinating state of affairs lower than 2 weeks away from the brand new admin who vowed to not promote https://t.co/HqD1KnhJK3 pic.twitter.com/xn8ATSEL7H
— db (@tier10k) January 9, 2025
On December 30, a federal choose dominated in favor of the DOJ’s request to liquidate the crypto property, the report stated. Battle Born Investments, which had asserted a declare to the Bitcoin stash by means of a chapter property, finally failed in its bid to delay the sale.
As famous, the group had pursued a Freedom of Info Act (FOIA) request looking for the id of “Particular person X,” who initially surrendered Bitcoin, however the effort additionally proved unsuccessful.
Battle Born’s authorized counsel criticized the DOJ’s dealing with of the case, alleging the division employed “procedural trickery” in its use of civil asset forfeiture to keep away from scrutiny.
The DOJ, in its arguments earlier than the court docket, cited Bitcoin’s worth volatility as motivation for looking for a fast sale of the seized property. A DOJ spokesperson, when contacted, acknowledged, “The Authorities will proceed additional per the judgment on this case.”
The replace comes after the US Supreme Courtroom refused to listen to an attraction difficult the seizure of the Bitcoin stash, which was introduced by Battle Born final October. The choice possible paved the best way for the US authorities to promote Bitcoin, which was valued at $4.4 billion on the time. The US Marshals Service is anticipated to handle the liquidation course of, which, if confirmed, might be one of many largest gross sales of seized crypto in historical past.
Information of the DOJ’s clearance to promote the seized Bitcoin briefly pressured the market, with Bitcoin falling from roughly $95,000 to $93,800, CoinGecko knowledge reveals. It’s now buying and selling at round $94,300, down virtually 3% within the final 24 hours.
The DOJ has but to subject an announcement on this matter.
It is a growing story.
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