Sunday, May 19, 2024

US Authorities Dumped 9,800 Bitcoin From Silk Highway Saga, Plans To Promote 41K BTC In 2023


  • U.S. authorities bought over 9,000 Bitcoin forfeited by Ross Ulbricht within the Silk Highway case, a darknet market shut down in 2013.
  • The federal government liquidated $216 million in BTC, paying round $215,000 in charges on March 14 per a court docket submitting.
  • U.S. authorities plan to liquidate an extra 41,490 BTC in 4 trenches over the remainder of 2023. 

The U.S. authorities liquidated 9,800 Bitcoin (BTC) forfeited by Ross Williams Ulbricht, the creator of the defunct darknet market web site Silk Highway opened in 2011. Based on court docket filings, authorities bought the 9,800 BTC for roughly $216 million on March 14. Authorities additionally paid roughly $215,000 in transaction charges.

Information from TradingView confirmed that BTC traded as excessive as 26,400 on that very same day.

US Government Dumped 9,800 Bitcoin From Silk Road Saga, Plans To Sell 41K BTC In 2023 10
BTC/USDT by TradingView

Ulbricht forfeited almost 51,400 BTC in whole to the American authorities after his arrest in 2013. U.S. authorities now have about 41,490 Bitcoin after promoting 9,800 BTC in March 2023. The court docket submitting famous that the federal government plans to liquidate extra BTC all year long.

The U.S. authorities didn’t disclose particular liquidation intervals for its Silk Highway BTC bag. Nonetheless, the remainder of the forfeited Bitcoin will likely be bought in 4 batches over the course of this calendar yr – 2023, the submitting disclosed.

It’s unclear if the BTC liquidation by U.S. authorities had any vital implications on Bitcoin’s value on March 14 or afterward.

Crypto’s main coin might expertise promoting strain between U.S. liquidations and Mt. Gox repayments anticipated to occur this fall. Notably, two of the biggest Mt. Gox collectors selected an early cost in BTC, cushioning fears that the trade will likely be compelled to dump crypto for fiat to fulfill cost calls for.

51,000 Bitcoin Seized From Silk Highway, Ulbricht Sentenced To Life

Ross William Ulbricht created the Silk Highway darknet internet market in 2011 that accepted digital funds in BTC. Later in 2013, Ulbricht was arrested for working a platform that facilitated cash laundering, narcotic gross sales, and different illegal companies.

U.S. authorities sentenced Ulbricht to life in jail. The silk highway darkish web site was additionally shut down and over 51,000 Bitcoin was forfeited by Ulbricht as a part of the case.

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