CryptocurrencyThe US Government Sold Nearly 10,000 Silk Road Bitcoin

The US Government Sold Nearly 10,000 Silk Road Bitcoin

Uncle Sam made off with more than $215 million this month as it began to liquidate portions of seized bitcoin.

The United States government has been selling bitcoin confiscated from the Silk Road case in 2013. 

According to a court filing, the government sold 9,861.1707894 Bitcoin on March 14, 2023, for a total of $215,738,154.98. After transaction fees, the net proceeds for the government were $215,522,416.83. The government also revealed that there are still around 41,490.72 bitcoin left to be sold, which they plan to sell in four more batches over the course of this year.

Previously, the government has auctioned bitcoin, opting instead to proceed with open market sales this time.

The Silk Road was a darknet marketplace that was used to sell drugs, amongst other services. Ross Ulbricht, the founder of the Silk Road, was convicted in 2015 and sentenced to life in prison. Ulbricht now seeks clemency, as a double life sentence without parole for entirely non-violent charges illustrates the government’s desire to make an example of those who build platforms outside their jurisdiction.

Bitcoin Magazine recently opened an art gallery in Nashville, Tennessee, which currently houses a life-size jail cell Ross Ulbricht exhibit, including art that Ulbricht made in prison, as well as writing from ulbricht.

Bitcoin’s price action as of late has been exciting for those who watched it fall from all-time highs of $69,000, to local lows of less than $16,000. While the government has been selling bitcoin, other institutions like MicroStrategy have been acquiring it.

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