DOJ Gets Court Approval to Sell 69,370 BTC Seized from Silk Road
U.S. government has received an approval from the Northern District Court of California to liquidate 69,370 BTC from federal seizure, ending a four-year legal battle tied to the Silk Road marketplace.
- Chief Judge Richard Seeborg denied a motion to block the forfeiture, allowing the DOJ to sell the assets valued at $6.5 billion, though immediate liquidation is not guaranteed due to administrative processes.
- The Department of Justice (DOJ) has sought expedited approval to sell assets, citing price volatility to avoid further delays. Officials confirmed that approximately $6.5 billion worth of assets will be sold, despite a new administration taking office in less than two weeks, with a president who has pledged to retain the seized bitcoin.
- The federal asset forfeiture process involves multiple administrative steps, so the ruling does not guarantee the immediate liquidation of the seized coins.
- The incoming administration of President-elect Donald Trump plans to establish a Strategic Bitcoin Reserve (SBR) for the United States, designating bitcoin as a reserve asset akin to gold. Some circulating drafts of the SBR proposal include clauses that prohibit authorities from selling seized coins and instead suggest diverting them to the country's bitcoin reserves.
Court Filing
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