The US government has been granted permission to liquidate $6.5 billion in Bitcoin BTC $93,135.33 seized in the Silk Road case. The decision follows a years-long investigation into an illegal online marketplace that used cryptocurrency for anonymous transactions, including drug trafficking and other criminal operations.
Authorities seized more than 50,000 Bitcoin in November 2021, one of the largest cryptocurrency seizures in history. Silk Road founder Ross Ulbricht was sentenced to life in prison in 2015 for running an illegal site.
According to the court's decision, the US government will be able to begin the process of selling confiscated assets through controlled platforms to avoid market fluctuations. The proceeds from the sale will be directed to the state budget.
Experts suggest that the liquidation of such a large volume of Bitcoin could affect the cryptocurrency market, creating temporary pressure on the price of the asset. Previous sales of seized cryptocurrencies have typically been conducted in phases to minimize market impact.
The court's decision is a reminder of the importance of regulatory oversight of cryptocurrencies, which are often used in criminal schemes. The U.S. government continues to strengthen mechanisms to monitor and combat the illicit use of digital assets.
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