US to Sell Over $130M in Bitcoin Seized from Silk Road

Convicted drug trafficker Ryan Farace and his father found guilty of laundering Bitcoin initially used for drug trafficking.

US government plans to sell over $130 million in Bitcoin linked to Silk Road forfeitures, specifically from convicted drug trafficker Ryan Farace and former Secret Service agent Shaun Bridges.
Ryan Farace and his father, Joseph, were found guilty of laundering Bitcoin initially used for drug trafficking that should have been forfeited to the US.
Farace, who dealt drugs online under the pseudonym Xanaxman, used Silk Road, the infamous dark web site.
Farace was sentenced to an additional 54 months in federal prison, while Joseph Farace was sentenced to 19 months in federal prison.
Market watchers are closely monitoring these funds, often speculating how a large sale of Bitcoin by the US government could impact the cryptocurrency's price.