US authorities liquidate $ 6.5 billion in bitcoins confiscated from Silk Road

The U.S. government has received permission to liquidate $ 6.5 billion in Bitcoin BTC $92,762.72 Bitcoin -1.33% Market capitalization $1.84 trillion VOL. 24 hours $3.01 billion confiscated in the Silk Road case. The decision was made after a multi-year investigation into an illegal online marketplace that used cryptocurrency for anonymous transactions, including drug trafficking and other criminal activities.

Authorities confiscated more than 50,000 Bitcoins in November 2021, one of the largest cryptocurrency seizures in history. The founder of Silk Road, Ross Ulbricht, was sentenced to life in prison in 2015 for organizing the illegal platform.

According to the court’s decision, the US government will be able to start the process of selling confiscated assets through controlled platforms to avoid market fluctuations. The proceeds from the sale will be transferred to the state budget.

Experts suggest that the liquidation of such a large volume of Bitcoin may affect the cryptocurrency market, creating temporary pressure on the asset price. Previous sales of confiscated cryptocurrencies were usually carried out in stages to minimize the impact on the market.

The court’s decision is a reminder of the importance of regulatory control over cryptocurrencies, which are often used in criminal schemes. The US government continues to strengthen its mechanisms for monitoring and combating the illegal use of digital assets.

Last year in July, the US authorities moved bitcoins previously confiscated from Silk Road. In several transactions, government-affiliated wallets transferred more than 9824 BTC. Also in March 2023, the US government sold 9861 BTC for $ 215 million. This was only a fraction of the confiscated assets that remained at that time. The authorities planned to liquidate the cryptocurrency in four batches during the year.