According to the documents seen, the US government sold 9,800 Bitcoin (BTC) worth approximately $215 million on March 14.
According to the court filing, the remaining 41,500 BTC, worth approximately $1.1 billion at current prices, will also be sold in four lots during the year.
The Bitcoins in question were part of a massive 51,351.9 BTC seized by US authorities from accounts associated with Silk Road, an online marketplace that facilitates illegal transactions using cryptocurrency, between November 2021 and March 2022.
The official document examined included the following statements on the subject:
“Concerning the 51,351 Bitcoins seized by Judge Schofield in the Ulbricht case, the Government has started to liquidate (sell) them. On March 14, 2023, the government sold 9,861 BTC (of 51,351 BTC) for a total of $215,738,154.98.
The net income remaining to the State after the $215,738 transaction fee was $215,522,416. About 41,490 BTC remain of the Bitcoin seized in the Ulbricht case, and the Government understands it is expected to be liquidated in four more lots during this calendar year.”
*Not investment advice.