US Government to Sell Seized Silk Road Bitcoin

The US authorities has introduced plans to promote greater than 41,000 Bitcoin that had been seized as a part of the case in opposition to Silk Highway creator Ross Ulbricht. The information comes from a submitting submitted to the U.S. District Court docket for the Southern District of New York on March 31, which detailed the continued proceedings in opposition to James Zhong.

The U.S. authorities authorities have already begun liquidating roughly 51,352 Bitcoin (BTC) seized within the Ulbricht case. The submitting reported that officers bought round 9,861 BTC for over $215 million on March 14, which leaves roughly 41,491 BTC remaining.

In keeping with the court docket submitting, “The Authorities understands [the Bitcoin] is anticipated to be liquidated in 4 extra batches over the course of this calendar yr.” It stays to be seen how the Bitcoin market will react to such a big inflow of cryptocurrency hitting the market, however it’s probably that this information will generate vital curiosity amongst traders.

Silk Highway was a web-based black market that allowed customers to buy unlawful items and providers utilizing Bitcoin. The web site was shut down by the FBI in 2013, and its creator, Ross Ulbricht, was arrested and sentenced to life in jail with out parole in 2015.

The U.S. authorities’s seizure of the Bitcoin related to Silk Highway was one of many largest cryptocurrency seizures in historical past. On the time, the Bitcoin was price roughly $1 billion, though its worth has since elevated considerably.

This announcement from the U.S. authorities is simply the most recent in a collection of strikes to control the cryptocurrency business. Regulators around the globe are more and more involved in regards to the potential for cryptocurrencies for use in unlawful actions comparable to cash laundering and terrorism financing. In consequence, we will count on to see additional scrutiny of the business within the years forward.

In conclusion, the U.S. authorities’s choice to liquidate the seized Silk Highway Bitcoin is more likely to have a major impression on the cryptocurrency market. Traders can be intently watching the market to see the way it reacts to such a big inflow of Bitcoin, and regulators can be eager to make sure that the cryptocurrency business will not be used for unlawful actions. We are going to proceed to watch this creating story and supply updates as they develop into accessible.