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U.S. DOJ Cleared by Federal Judge in Northern District of California to Sell 69,370 Bitcoin from Silk Road, Valued at $6.5 Billion

Jan 9, 2025, 04:14 AM

The U.S. Department of Justice (DOJ) has been authorized by a federal judge in the Northern District of California to liquidate 69,370 Bitcoin, valued at approximately $6.5 billion, that were seized from the Silk Road marketplace. The ruling, issued on December 30, marks the end of a four-year legal battle over the ownership of these assets, which were part of the largest-ever federal seizure of cryptocurrency. The DOJ cited price volatility as a reason for expediting the sale, despite ongoing disputes from claimants like Battle Born Investments, which had sought to delay the liquidation. The government's decision to proceed with the sale comes less than two weeks before the inauguration of President-elect Donald Trump, who has pledged to retain seized Bitcoin as part of a strategic reserve.