DeFI News by Thebittimes.Com

The US Department Of Justice (DOJ) has been cleared to sell 69,300 Bitcoin (BTC) worth nearly $6.5 billion. The BTC was seized from Silk Road, the now defunct dark web black marketplace. Also Read: Microsoft (MSFT) Gets $650 Target as Analysts Project Historic 2025 JUST IN: DOJ cleared to sell $6.5 billion worth of Bitcoin from seized Silk Road assets. — Watcher.Guru (@WatcherGuru) January 9, 2025 How Was The DOJ Cleared To Sell The Seized Bitcoin? Source: Watcher Guru The ownership dispute of the $6.5 billion worth of BTC was ongoing for years between the DOJ and Battle Born Investments. Battle Born lost its bid to delay the sale. According to Battle Born’s attorney, the development is “ another egregious example of the DOJ’s abuse of the Civil Asset Forfeiture process. “ The DOJ cited Bitcoin’s (BTC) price volatility as its reasoning for selling the seized assets. According to a DOJ spokesperson, “ The Government will proceed further consiste...

The US Government has moved nearly $600M in seized Bitcoin from Silk Road to a Coinbase wallet, according to Arkham Intelligence. The government holds millions of dollars worth of Bitcoin from various seizures over the years, including from the Silk Road dark web marketplace. The amount of Bitcoin moved was 10,000, all to a Coinbase Prime wallet. The US Government moved nearly $2 billion in Bitcoin from Silk Road to another wallet in July 2024. The reasons behind the transaction are unknown, and analysts wonder if the government plans to sell or custody the BTC. In July, The U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocurrency assets. Therefore, the U.S. government may just be moving the seized assets to a new place of custody. What was Silk Road, and What is the US Government Doing With Its Bitcoin? Source: Shutterstock / In Green, modified by Blockworks Silk Road was permanently shut down in 2013 after an FBI investigati...