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 situations. He just rejected claims that Google, under Alphabet, properly disclosed how it tracked user action. A test could be held in August for the tech giant.
Why this week’s release of the file containing the seized Bitcoin 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.
Following an initial review by DB News late on Wednesday evening, which cited officials who confirmed the ruling, reviewed the court record.
Because national asset forfeiture involves multiple administrative procedures and probable appeals, the decision alone cannot guarantee instant liquidation.
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 those involving appeals to the Supreme Court and the Ninth Circuit, have resulted in the Justice Department’s ability to finally discover the Satoshi-era Bitcoin hoard.
It puts an important close to contentions from numerous claims, including Battle Born Investments, which had fought 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 black web marketplace, in 2013.
What remains of the platform’s improper transactions are represented in the Bitcoin memory, which may lead to one of the largest state crypto liquidations in background.
Trump schedule
The decision comes at a socially charged time for state crypto assets.
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 stash“.
Trump is expected to take the oath of office in less than two weeks, which raises questions about how these possessions are handled.
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