Key Takeaways
- The Supreme Court has allowed the sale of 69,370 Silk Road Bitcoin.
- Battle Born Investments’ appeal to claim the Bitcoin was rejected.
- The U.S. Marshal Service will oversee the sale, valued at $4.4 billion.
The U.S. Supreme Court has allowed the sale of 69,370 Bitcoin (worth approximately $4.4 billion) confiscated from the Silk Road marketplace by the Department of Justice (DOJ).
This follows the Court’s rejection of an appeal by Battle Born Investments, which had claimed rights to the Bitcoin through a bankruptcy estate tied to Silk Road.
2022 decision
The ruling upholds a 2022 decision by the U.S. District Court for the Northern District of California, which confirmed the government’s authority to liquidate the assets.
Marshal Service
The U.S. Marshal Service (USMS) will oversee the sale, which could be one of the largest of seized Bitcoin in history. Observers expect the sale, handled through Coinbase Prime, to impact the Bitcoin market.
Some have suggested political motivations behind the timing of the sale, with connections drawn to the upcoming U.S. elections.
Bitcoin’s price fell by nearly 2% following the decision, trading at $62,461 as of writing.
