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

cyptouser4 weeks agoCryptocurrencies News39

The U.S. government has filed notice to sell $130 million of Bitcoin (BTC) previously seized connection with the Silk Road darknet marketplace.

The government said that it says that it intends to dispose of (ie. sell) two lots of Bitcoin in any manner that the U.S. Attorney general directs.

That will likely see the government sell both lots, including 2874.9 BTC valued at $129 million and 58.7 BTC valued at $3.3 million.

The text of the notice also allows for other individuals (except for defendants) to claim interest in the forfeited property through an ancillary petition within 60 days of Jan. 10. It also allows for petitions for remission or mitigation, which would pardon some or all of the seized Bitcoin from the forfeiture.

BTC belonged to Xanax seller and U.S. agent

The Bitcoin previously belonged two individuals. The first lot was seized from Ryan Farace, a Maryland man who along with his father was convicted of a money laundering conspiracy involving darknet market sales of Xanax, and from Sean Bridges, a former U.S. Secret Service Special Agent involved in Silk Road investigations who stole Bitcoin that the U.S. government had previously obtained. The second, smaller lot was seized solely from Bridges.

The two lots were seized on Feb. 10, 2021 in Memphis, Tennessee, and on May 11, 2021, in Arlington, Virginia, respectively. A District Court in Maryland previously condemned and forfeited the Bitcoin to the U.S. government on Jan. 8, 2024.

Those funds make up just a small portion of Silk Road-related seizures that the U.S. government has made to date. In addition to early seizures from Silk Road creator Ross Ulbricht circa 2013, the government seized $3.6 billion of Bitcoin from James Zhong in 2022 as well as $1 billion of Bitcoin circa 2020.

As of December 2023, the U.S. government held about $9 billion worth of Bitcoin, though this did not exclusively originate from Silk Road seizures.

Author

Mike Dalton

Journalist at CyptoRanking

Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.

Editor

News Desk

Editor at CyptoRanking

CyptoRanking is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

@cryptoslate LinkedIn Email Editor
The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Hut 8 expands borrowing capacity with Coinbase to $65 million, acquires natural gas power plants

Bitcoin miner Hut 8 has secured an additional $15 million from a subsidiary of the United States-bas...

SEC admits to misstatement of facts in case against crypto firm Debt BOX

On Dec. 22, the U.S. Securities and Exchange Commission (SEC) admitted to making inaccurate statemen...

Solana overtakes XRP to become fifth-largest digital asset

Solana overtakes XRP to become fifth-largest digital asset

Solana overtook XRP to become the fifth-largest cryptocurrency on the crypto market on Dec. 20, base...

Crypto exchange HTX to resume services a day after suffering $13.6M hack

Cryptocurrency exchange HTX, previously known as Huobi Global,  announced that it will fully compens...

U.S. Treasury targets crypto mixer transactions as new class of 'primary money laundering concern'

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on Oct. 19 that it...

This San Diego bank’s client list is a who’s-who of questionable characters in crypto and beyond

A recent Protos report reveals a series of business relationships between San Diego-based Axos Bank...