The United States government’s last acceptance comes after a four-year legal battle over billions in Bitcoin linked to the legendary Silk Road market.
According to a court filing filed on December 30th, Chief U.S. District Judge Richard Seeborg denied a request to stop the forfeiture of 69, 370 Bitcoin, allowing the Department of Justice to sell the$ 6.5 billion assets.
Judge Seeborg is known for high-profile circumstances. He just rejected claims that Google, under Alphabet, properly disclosed how it tracked customer activity. The software tycoon is now facing a potential prosecution in August.
Why the report relating to the seized Bitcoins has been published this week is questionable. A request for comment was turned down by the DOJ.
The growth confirms earlier reports, such as that it appeared the United States federal was free to sell the seized Cryptocurrency from a Silk Road-affiliated budget in October of last year.
reviewed the court record following a preliminary report by DB News late on Wednesday night, which cited leaders who had confirmed the decision.
Because provincial asset forfeiture involves multiple administrative procedures and possible appeal windows, the decision alone doesn’t guarantee instant bankruptcy.
The DOJ has already sold regions of the seized Bitcoin in recent months.  , On December 3, 2024, the U. S. government moved nearly$ 2 billion in Silk Road Bitcoin to Coinbase.
Through the U.S. Marshals Service ( USMS ), a division of the DOJ, the government has a custody arrangement with Coinbase Prime.
Checking out, taking in
The Justice Department’s legal battles, including pertains to the Supreme Court and the Ninth Circuit, have resulted in the Justice Department’s ability to finally discover the Satoshi-era Bitcoin stockpile.
It puts an important close to contentions from numerous claims, including Battle Born Investments, which had litigated ownership rights in bankruptcy court cases involving a person they believed was the original user.
A Freedom of Information Act ask aimed to reveal the mysterious person behind the Bitcoin’s demise in 2020 was the key to the ultimate draw.
According to court documents from the circumstance timeline, the stolen crypto was allegedly from Silk Road, a federally shuttered gloomy web marketplace, in 2013.
What remains of the product’s improper transactions are represented by the Bitcoin memory in what could turn out to be one of the largest state crypto liquidations in background.
Trump schedule
The government’s use of crypto assets comes at a politically charged time.
President-elect Donald Trump, who told buyers “never sell your Cryptocurrency“ at a Nashville bitcoin event in July last month, also pledged to build a tactical“ Bitcoin hoard“.
The recently revealed documents also raise questions about how these resources are handled, with Trump scheduled to take the oath of office in less than two months.
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