The US government will dispose of 2,934 BTC ($130 million) seized from the dark web called Silk Road. The sale is scheduled to take place in the coming weeks, according to a notice issued by the District Court for the District of Maryland. The government wants to sell the 2,875 BTC it seized from Ryan Farace and Sean Bridges in 2021 and the 59 BTC belonging only to Farace, subject to the directives of the Chief Public Prosecutor. The details of the Bitcoins to be sold are as follows:
- 2,874.904256 Bitcoins valued at approximately $114,998,570.40 seized from Ryan Farace and Sean Bridges in Memphis on February 10, 2021
- 58.742155166 Bitcoin worth $2,349,686.07 owned by Ryan Farace in Arlington on May 11, 2021
Silk Road was a digital black market that used Bitcoin to launder money and trade illegal drugs. It was shut down by the FBI in 2013. Additionally, its founder, Ross Ulbricht, was sentenced to life imprisonment in 2015. In 2018, the US Department of Justice sued Ryan Farace for selling illegal substances through Silk Road. At that time, Farace claimed that he lost access to the Bitcoin he earned from the dark web. The scheme to hide his assets was revealed in 2021, leading to its seizure by authorities. In early January 2024, both Farace and his father were sentenced to prison for money laundering.
The US government still holds 207,000 BTC worth approximately $9 billion seized from various criminal activities. In March 2023, US authorities sold 9,800 BTC, making a profit of $261 million. At the time, the US announced that it would hold more BTC auctions in 2023, but this did not happen. Interestingly, according to Arkham’s data, there has been no movement in the wallets related to the Silk Road case since the beginning of this year. They still contain 99,865 BTC worth $3.97 billion. This means that the US government’s move to sell Bitcoin has not actually happened yet.
Kaynak : Yoyodex