Key Takeaways
- The US Division of Justice was authorized to promote 69,370 Bitcoin seized from Silk Street, a brand new report mentioned.
- Battle Born Investments opposed the sale however failed to dam it.
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The US Division of Justice (DOJ) has been licensed to promote roughly 69,370 Bitcoin seized in reference to the Silk Street darknet market, a haul at the moment 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 Street, an official confirmed to DB Information at the moment
Attention-grabbing scenario 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 decide dominated in favor of the DOJ’s request to liquidate the crypto property, the report mentioned. Battle Born Investments, which had asserted a declare to the Bitcoin stash by means of a chapter property, in the end failed in its bid to delay the sale.
As famous, the group had pursued a Freedom of Info Act (FOIA) request in search of the identification 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 courtroom, cited Bitcoin’s value volatility as motivation for in search of a fast sale of the seized property. A DOJ spokesperson, when contacted, said, “The Authorities will proceed additional in line with the judgment on this case.”
The replace comes after the US Supreme Court docket refused to listen to an enchantment difficult the seizure of the Bitcoin stash, which was introduced by Battle Born final October. The choice probably 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, will probably 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 exhibits. It’s now buying and selling at round $94,300, down virtually 3% within the final 24 hours.
The DOJ has but to challenge an announcement on this matter.
This can be a growing story.
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