🔒 US Court Finalizes Forfeiture of 69,370 Bitcoin (BTC) From Silk Road
The United States Court of Appeals has formally concluded the forfeiture of a staggering 69,370 Bitcoins (BTC) tied to the notorious Silk Road, marking one of the most significant crypto forfeitures in history. The court's ruling, initially made in August, took full effect on December 20, 2023.
🚨 Key Highlights:
The forfeiture involves a combination of Bitcoin, Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Bitcoin SV (BSV).Noteworthy parties in the court filing include the U.S. government, Ilija Matukso, Battle Born Investment Company, and Silk Road's founder, Ross Ulbricht.
The United States Department of Justice (DOJ) seized the funds in 2020, valued at over $1 billion at that time.
The current valuation of the forfeited 69,370 BTC stands at a staggering $3,027,033,482.20 based on Bitcoin's current price of $43,636.06.
💼 Silk Road Bitcoin Liquidation:
Historically, the U.S. DOJ has swiftly moved to liquidate forfeited Bitcoin and crypto assets.
Previous sell-offs, including 9,800 BTC amounting to $215.7 million earlier this year, indicate a trend towards liquidation despite the incarceration of Silk Road's founder, Ross Ulbricht, since 2013.
⚖️ Government Power in the Crypto Realm:
This forfeiture establishes another precedent, highlighting the government's formidable authority over the digital currency ecosystem.
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