- The DOJ has given approval to the US government to sell Silk Road’s $6.5B worth seized Bitcoin.
- Silk Road was shut down in 2013 by the FBI on money laundering charges.
The community has been contending with the recent price dip after holding out hopes for the 2025 bull run, just the previous day. However, as we exercise our usual optimism the altcoin sector is struggling to prevent price plummets. Meanwhile, the industry has remained quite active, with Ripple leaders meeting with President-elect Donald Trump catching much attention.
Notably, a few hours ago, news of the US government receiving approval from the US Department Of Justice to sell funds seized from Silk Road reached the market. This has instigated a spur of talks as the Silk Road case, which has been ongoing for nearly a decade, rises from dormancy.
According to sources, the DOJ has approved the sale of Bitcoin worth $6.5 billion, which officials seized in the past years. This green signal comes amid huge liquidations of BTC over the past day.
The US Govt has been given the greenlight to liquidate 69,000 BTC ($6.5B) from Silk Road, an official confirmed to DB News today
— db (@tier10k) January 9, 2025
Interesting situation less than 2 weeks away from the new admin who vowed to not sell https://t.co/HqD1KnhJK3 pic.twitter.com/xn8ATSEL7H
Moreover, a federal judge approved the DOJ’s request to liquidate the Bitcoin on December 30. Following this, the regulator has acted as aforementioned to sell the assets in the past day. Previously, in October, the US Supreme Court refused to hear an appeal that challenged the aforementioned motion – to sell the assets, thus clearing the path for today’s action.
What is the US Government’s History with Silk Road?
Silk Road holds the title of being one of the first dark nets in the world and was shut down in 2013 by the FBI. Its founder, the well-known Ross Ulbricht, convicted of money laundering charges and is currently serving a life sentence in prison.
The Silk Road founder still remains active in the community through his X account operated by family members. However, Donald Trump, the president-elect during his election campaign stated that he would set Ulbricht free on winning the elections.
This announcement caused quite a stir in the market during the term. With the President-elect set to take office on January 20, we might expect such developments in the coming days. Additionally, Trump’s swearing-in is also expected to result in positive market movements in Bitcoin.
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