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US: ok for $6.5 billion in Bitcoin sale of Silk Road
By Daniele Corno
DOJ authorizes US to sell $6.5 billion worth of seized Bitcoin: a controversial decision before Trump's arrival
Silk Road bitcoins can be sold
The U.S. Department of Justice (DOJ) has been given the green light to sell 69,370 Bitcoins seized in connection with the Silk Road darknet market, an estimated value of $6.5 billion.
The news comes via a post on DB’s X, announcing the okay from the California court, which came on Dec. 30.
The US Govt has been given the greenlight to liquidate 69,000 BTC ($6.5B) from Silk Road, an official confirmed to DB News today
Interesting situation less than 2 weeks away from the new admin who vowed to not sell https://t.co/HqD1KnhJK3 pic.twitter.com/xn8ATSEL7H
— db (@tier10k) January 9, 2025
The decision marks the end of a long legal battle over fund ownership. The sale is motivated by market volatility, with the DOJ aiming to liquidate the funds quickly to prevent losses.
Currently, however, no movements related to the Bitcoins in question have yet turned up on government wallets. It is possible to observe, via the Arkham dashboard, any future movements to follow up.
Battle Born Investments had tried to block the sale through legal action, but the attempt failed. The group accused the DOJ of “procedural deception” in handling the case, but a federal judge dismissed their claims on Dec. 30, allowing the government to proceed with the settlement.
Thoughtful choice or political decision?
The DOJ’s approval of the Bitcoin sale also represents a change of course from former President Donald Trump’s statements.
During his term, Trump had stated that the United States would not sell any seized Bitcoin, seeing it as a strategic reserve. The sale is therefore perceived by many as a sort of “tripping off” of the former president.
The news comes at a time of weakness for Bitcoin, with the price back to December 31 levels in the $93,000 area , down 10 percent in the past 3 days.
The U.S. Marshals Service will handle the settlement, which will be among the largest in the history of seized cryptocurrencies.
