US Department of Justice approved to sell 6.5 billion dollars in Bitcoin

The US Department of Justice has been granted court approval to sell approximately 69,370 Bitcoin that were seized from the Silk Road darknet marketplace. These Bitcoin are valued at around $6.5 billion.

This decision resolves a long legal dispute over the ownership of the cryptocurrency, which has been a contentious issue since it was seized. Despite opposition from Battle Born Investments, who claimed ownership through a bankruptcy estate, a federal judge upheld the DOJ's request. Battle Born's attempts to block the sale and uncover the identity of the individual who surrendered the Bitcoin were unsuccessful.

The Justice Department cited concerns about Bitcoin's price volatility as a key reason for the expedited sale, emphasizing the need to mitigate potential value depreciation. The seized Bitcoin is part of a broader crackdown on illegal online activities, following the closure of Silk Road by law enforcement authorities. This development is significant as it demonstrates the government's ongoing efforts to manage and sell assets acquired through criminal enterprises.

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