U.S. Court Approves $6.5 Billion Bitcoin Sale Seized from Silk Road

The Department of Justice is cleared to liquidate 69,370 Bitcoins, the largest crypto seizure in history, raising concerns about market impact and policy implications.

A federal judge denied a motion to block the sale of 69,370 Bitcoins seized from the Silk Road marketplace, allowing the Department of Justice to proceed with liquidation.
The Bitcoin, valued at approximately $6.5 billion, was traced back to the darknet market and surrendered to authorities in 2020 by an unidentified hacker known as 'Individual X.'
The sale could influence Bitcoin's market price, with investors worried about potential price drops, though the government may stagger auctions to mitigate impact.
President-elect Donald Trump has opposed selling government-held Bitcoin, proposing instead to establish a strategic Bitcoin reserve as a hedge against inflation.
The decision concludes a four-year legal battle involving multiple claimants, including Battle Born Investments, which unsuccessfully argued for ownership of the assets.