Creative Title US Government Announces Plans to Sell Seized 130 Million Bitcoin Proceeds Along with 69000 Pending Disposal

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US Government to liquidate confiscated 130 million BTC
US Government holds another 69,000 BTC
According to a recent notice submitted by the US government on January 8th, the Maryland District Court has approved the sale of 2,875 bitcoins (BTC) related to a drug case on the Silk Road. The document states that the US government will dispose of these bitcoins in accordance with the “instructions of the US Attorney General”, with the seized bitcoins valued at approximately 133 million US dollars at the time of filing.
Based on the contents of the indictment, the accused drug dealer is Ryan Farace, who operated under the alias “XANAXMAN” on the dark web market Silk Road, earning over 9,100 BTC by exchanging bitcoins for drugs. In addition, Ryan Farace’s father Joseph Farace and former Secret Service agent Shaun Bridges were also sentenced to imprisonment for money laundering and other serious crimes in this case.
The US Attorney General will instruct on how to handle this confiscated property next. According to the document, as of January 10, 2024, stakeholders other than the defendants have 60 days to submit supplemental petitions. After this deadline, the US government will obtain clear ownership of the property and may transfer good title to any subsequent buyers or assignees.
In fact, in addition to the confiscated bitcoin funds, in December of last year, the US Court of Appeals also approved an order formally authorizing the confiscation of 69,370 bitcoins and other cryptocurrency proceeds related to the now-defunct Silk Road. The US Department of Justice began seizing and seeking formal confiscation of these bitcoins as early as 2020, with the initial judgment made in August of last year and officially announced in December.
Market observers have been closely monitoring the flow of these funds and believe that the US government’s substantial sale of these bitcoins may impact the price of cryptocurrencies.