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DOJ cleared to sell $6.5B in Bitcoin seized from Silk Road


Kaz

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The US Department of Justice (DOJ) has been authorized to sell approximately 69,370 Bitcoin seized in connection with the Silk Road darknet marketplace, a haul currently valued at around $6.5 billion, DB News reported Wednesday. The decision is set to end a years-long legal dispute over the BTC stash’s ownership.

 

On December 30, a federal judge ruled in favor of the DOJ’s request to liquidate the crypto assets, the report said. Battle Born Investments, which had asserted a claim to the Bitcoin stash through a bankruptcy estate, ultimately failed in its bid to delay the sale.

 

 

CRYPTOBRIEFING.COM

DOJ receives court approval to proceed with the $6.5B Silk Road Bitcoin sale despite ownership objections and volatility concerns.

 

I'd heard the idea floated that the US Government was going to invest in bitcoin and hold it for 30 years.  If they did that, it would have been to release these funds and 'buy them' from themselves.  Will be interesting to see how this plays out.  A mass sell off will certainly hurt the market.  I think part of why Bitcoin has been so successful is that seized currency hasn't been sold off.

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This is very interesting indeed, I wonder if they will actually sell all of it in one go. Some of it, or hold onto it. And even more interesting would be where that money eventually ends up.

  • Agreed 1

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