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The U.S. Will Sell Hundreds Of Millions Of Dollars Of Bitcoin By This Date! - Coin Newsletter
The U.S. government plans to sell $117 million worth of Bitcoin (BTC) it seized from the deep web platform Silk Road.
In a notice issued by the U.S. government on Jan. 8, which has only recently surfaced, plans for a $117 million** Bitcoin sale drew attention.
The government has stated that it plans to dispose of the 2,934 Bitcoin** seized in 2021 from two Silk Road-linked defendants, Ryan Farace and Sean Bridges**, in accordance with the direction of the US Attorney General. In the details of the shared notification, it was stated that the sale could be made within the next 60 days.
Ryan Farace, known as "Xanaxman" on Silk Road**, was accused of drug dealing by the US in 2018, and in 2021 the defendant's 59 Bitcoins were confiscated. As part of the operations carried out in those days, a total of 2,934 Bitcoins of Ryan Farace and Sean Bridges were seized by the authorities.
In December last year, the U.S. Court of Appeals upheld the U.S. government's decision to confiscate 69,470 Bitcoins and other cryptocurrencies seized from Silk Road. Other than Bitcoin, assets seized included Bitcoin Gold (BTG), Bitcoin SV (BSV)**, and Bitcoin Cash (BCH).
The U.S. decision to sell $117 million worth of Bitcoin did not have a significant bearish effect on the cryptocurrency market. According to data from CoinGecko, Bitcoin is trading at $40,102 at the time of writing, up 0.6% in the last 24 hours.