INSUBCONTINENT EXCLUSIVE:
The US Department of Justice received court approval to sell 69,370 Bitcoin worth $6.5 billion, DB News reported on January 9, 2025
This decision marks the end of a four-year legal battle over cryptocurrency seized from the Silk Road darknet marketplace.Chief US District
Judge Richard Seeborg rejected claims from Battle Born Investments and others seeking ownership of the Bitcoin stash
The ruling allows the DOJ to proceed with the sale of these assets.The government already moved $2 billion worth of Bitcoin to Coinbase in
This transfer signaled preparations for the impending liquidation
The US Marshals Service manages custody of the seized cryptocurrency through Coinbase Prime.The timing of this decision raises eyebrows in
advised against selling government-held Bitcoin
Government Gains Approval to Sell $6.5 Billion in Seized Bitcoin
Investors worry about potential market volatility if the government dumps large amounts of Bitcoin.However, some analysts believe these
concerns may be overblown
price surged from $60,000 to above $100,000
Arkham Intelligence reports that the government currently possesses 198,109 Bitcoin, valued at approximately $18 billion
This amount includes seized assets from various criminal cases over the years.The Silk Road case represents one of the largest
cryptocurrency seizures in history
