🚀 Biggest Bitcoin Auction Ever: U.S. to Sell Silk Road’s $4.4B Loot
posted 8 Oct 2024
The U.S. government is poised to significantly increase its funds following a Supreme Court ruling that opens the door for the sale of 69,370 BTC, seized from the notorious Silk Road dark web marketplace. The ruling grants the government full authority to liquidate the assets, and the U.S. Marshals Service is expected to soon receive court orders to move forward with the sale.
This auction could generate around $4.4 billion for the government (assuming current BTC prices hold).
Notably, Battle Born Investments had laid claim to these bitcoins, initiating legal action against Silk Road in 2023. The company, which holds claims related to Silk Road's bankruptcy, argued that it was entitled to the bitcoins stolen from the wallet 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx, formerly belonging to Silk Road and now under U.S. government control.
However, the court dismissed Battle Born Investments’ claims, granting the government the right to sell the assets.
This marks the final batch of bitcoins involved in legal disputes. In 2015, the first 50,000 BTC seized from Silk Road were auctioned off, earning billions in profits for new buyers, including prominent figures like Tim Draper and Barry Silbert.
Now, the U.S. Marshals Service is preparing for one of the largest Bitcoin auctions ever. The U.S. government has already moved a substantial portion of these digital assets to its crypto wallet, hinting that preparations for the sale are underway.
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