According to allegations, the United States government has been authorized to sell 69,370 Bitcoins (BTC) worth approximately $4.33 billion that were seized from Silk Road’s ‘Individual X’ individual.
This development comes after a decision by the U.S. Supreme Court on Oct. 7, according to blockchain analytics firm Lookonchain.
The Supreme Court has refused to hear a case filed by Battle Born Investments, a company that disputed ownership of seized Bitcoin. With this refusal, the government now has full control over assets connected to the Silk Road case. The official court ruling can be accessed here.
The last time the US government moved Bitcoin assets was two months ago when it transferred 29,800 BTC worth $2.02 billion, of which 10,000 BTC (worth $594 million) were sent to Coinbase Prime. The movement of these assets was tracked and verified by Arkham Intelligence, as seen on their platform here.
The US government currently holds a total of 203,239 BTC worth $12.63 billion. Of this amount, 69,370 BTC linked to ‘Individual X’ from Silk Road have been sitting untouched in the ‘bc1qa5’ wallet for the last four years. With the recent court ruling, these funds are now open to liquidation, according to Lookonchain.
*This is not investment advice.
