🔥 U.S. Court Approves Silk Road Bitcoin Auction
posted 11 hr ago
A federal court in California has authorized the U.S. government to sell off a record-breaking haul of seized cryptocurrency linked to Silk Road. The total revenue from the sale could reach $6.5 billion.
The idea of selling the seized Silk Road assets was first floated in October 2024, when the confiscated holdings were valued at $4.4 billion. Over the years, however, a series of claimants emerged, seeking rights to this “inheritance.”
The final ruling brought an end to lengthy legal disputes, including a claim by Battle Born Investments, which filed documents asserting ownership in July 2024. Chief District Judge Richard Seeborg dismissed all efforts to overturn the seizure of 69,370 BTC, paving the way for the Department of Justice to begin the sale. According to court documents dated December 30, the assets are now estimated to be worth $6.5 billion.
The decision has drawn criticism from supporters of maintaining digital assets as part of government reserves.
Judge Richard Seeborg. Source: washingtontimes
The court’s authorization to sell the Bitcoin is a step forward, but administrative delays mean the process will likely take considerable time. Back in December 2024, the Department of Justice sold a portion of Silk Road’s confiscated assets, moving BTC valued at nearly $2 billion to Coinbase.
The decision has drawn criticism from supporters of maintaining digital assets as part of government reserves.
Donald Trump’s imminent swearing-in as president adds fuel to the controversy over this court ruling. At a crypto event in Nashville last July, Trump famously said, “Never sell your Bitcoin.” After winning the election, he shared plans to create a BTC strategic reserve, supported by a draft policy requiring all digital assets to be centralized in a government account and prohibiting their sale to third parties. This starkly contrasts with the Justice Department’s current actions, making them even more contentious.
While the sale of seized crypto assets may become the largest of its kind, many see it as a step against the nation’s strategic interests. Senator Lummis’s proposed bill, urging Bitcoin to be retained as a strategic reserve for economic resilience, highlights the growing debate surrounding this decision.
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