U.S. plans to sell $130 million of Bitcoin seized in connection with Silk Road

The U.S. authorities has filed deem about to promote $130 million of Bitcoin (BTC) beforehand seized connection with the Silk Avenue darknet market.

The authorities stated that it says that it intends to bag rid of (ie. promote) two many of Bitcoin in any manner that the U.S. Attorney total directs.

That can likely overview the authorities promote each heaps, in conjunction with 2874.9 BTC valued at $129 million and 58.7 BTC valued at $3.3 million.

The textual declare of the attention additionally allows for other folks (with the exception of for defendants) to claim interest within the forfeited property through an ancillary petition inner 60 days of Jan. 10. It additionally allows for petitions for remission or mitigation, which would pardon some or the total seized Bitcoin from the forfeiture.

BTC belonged to Xanax seller and U.S. agent

The Bitcoin beforehand belonged two folks. The major lot used to be seized from Ryan Farace, a Maryland man who along with his father used to be convicted of a cash laundering conspiracy racy darknet market sales of Xanax, and from Sean Bridges, a feeble U.S. Secret Carrier Particular Agent all in favour of Silk Avenue investigations who stole Bitcoin that the U.S. authorities had beforehand obtained. The 2nd, smaller lot used to be seized totally from Bridges.

The 2 heaps were seized on Feb. 10, 2021 in Memphis, Tennessee, and on Also can simply 11, 2021, in Arlington, Virginia, respectively. A District Court docket in Maryland beforehand condemned and forfeited the Bitcoin to the U.S. authorities on Jan. 8, 2024.

Those funds building up factual a minute piece of Silk Avenue-related seizures that the U.S. authorities has made thus far. Besides early seizures from Silk Avenue creator Ross Ulbricht circa 2013, the authorities seized $3.6 billion of Bitcoin from James Zhong in 2022 as properly as $1 billion of Bitcoin circa 2020.

As of December 2023, the U.S. authorities held about $9 billion price of Bitcoin, though this didn’t exclusively design from Silk Avenue seizures.