Key Takeaways
- The US Department of Justice has approved the sale of 69,370 Bitcoins seized from Silk Road.
- Battle Born Investments opposed the sale but did not block it.
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The US Department of Justice (DOJ) has received court approval to sell approximately 69,370 Bitcoins seized in connection with the Silk Road darknet market, a ship currently worth approximately $6.5 billion, DB News reported on Wednesday. The decision terminated year-long legal dispute over ownership of BTC stash.
The US Government has given the green light to liquidate 69,000 BTC ($6.5B) from Silk Road, an official confirmed to DB News today.
Interesting situation less than 2 weeks away from the new administrator who vowed not to sell https://t.co/HqD1KnhJK3 pic.twitter.com/xn8ATSEL7H
– db (@tier10k) January 9, 2025
As reported, a federal judge ruled on December 30 in favor of the DOJ's request to liquidate the crypto assets, despite the opposition of Battle Born Investments, which claimed ownership through a bankruptcy estate.
Battle Born tried to block the sale and filed a Freedom of Information Act request to find out the identity of “Individual X” who originally surrendered the Bitcoin. Both attempts were unsuccessful.
Battle Born's legal counsel criticized the DOJ's handling of the case, alleging that the department used a “procedural trick” in using civil asset forfeiture to avoid investigation.
The Department of Justice cited the volatility of Bitcoin prices as an incentive to seek a quick sale of the seized asset, expressing concerns about a possible devaluation.
The seized Bitcoin came from Silk Road, an online black market that was shut down by law enforcement authorities.
This is a developing story.
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