DOJ will swiftly liquidate digital assets to prevent loss amid market volatility concerns.
Key Takeaways
- The US Department of Justice was approved to sell 69,370 Bitcoin seized from Silk Road.
- Battle Born Investments opposed the sale but failed to block it.
The US Department of Justice (DOJ) has received court approval to sell approximately 69,370 Bitcoin seized in connection with the Silk Road darknet marketplace, a haul currently valued at around $6.5 billion, DB News reported Wednesday. The decision is set to end a years-long legal dispute over the BTC stash’s ownership.
As reported, a federal judge ruled on December 30 in favor of the DOJ’s request to liquidate the crypto assets, despite opposition from Battle Born Investments, which claimed ownership through a bankruptcy estate.
Battle Born attempted to block the sale and filed a Freedom of Information Act request to uncover the identity of “Individual X” who initially surrendered the Bitcoin. Both efforts were unsuccessful.
Battle Born’s legal counsel criticized the DOJ’s handling of the case, alleging the department employed “procedural trickery” in its use of civil asset forfeiture to avoid scrutiny.
The Justice Department cited Bitcoin’s price volatility as motivation for seeking a quick sale of the seized assets, indicating concerns about potential value depreciation.
The seized Bitcoin originated from Silk Road, an online black market that was shut down by law enforcement authorities.
Source: cryptobriefing.com
