tl;dr
The U.S. government has been authorized to liquidate 69,370 Bitcoins seized from the Silk Road marketplace. Claimants seeking to pause enforcement of the judgment in order to pursue a lawsuit compelling the U.S. Department of Justice to reveal the identity of "Individual X" were unsuccessful in thei...
U.S. government allowed to liquidate 69,370 seized Bitcoins from Silk Road
Gensler criticizes crypto before exit, potential sale of 69,000 BTC by U.S. government
Battle Born Investments Company loses bid to reveal identity of Silk Road hacker
Court ruling allows government to proceed with Bitcoin liquidation, impacting market
The U.S. government has been authorized to liquidate 69,370 Bitcoins seized from the Silk Road marketplace. Claimants seeking to pause enforcement of the judgment in order to pursue a lawsuit compelling the U.S. Department of Justice to reveal the identity of "Individual X" were unsuccessful in their argument. The court ruling allows the government to proceed with selling the confiscated Bitcoins, potentially impacting Bitcoin's market.
The cryptocurrency's price recently dropped to $92,938 before recovering to $94,312 on the Bitstamp exchange. The article's opinions are those of the writers and do not represent U.Today's views.
The financial and market information is for informational purposes only. U.Today is not responsible for any financial losses resulting from cryptocurrency trading. Conduct your own research and seek advice from financial experts before making investment decisions. All content is believed to be accurate as of the publication date, but certain offers mentioned may no longer be available.
The U.S. government has been allowed to liquidate a total of 69,370 Bitcoins that were seized from the now-defunct Silk Road marketplace. Advertisement The claimants (Battle Born Investments Company, First 100, and 1st One Hundred Holdings) were attempting to pause enforcement of the judgment in this case.
They argued that it was necessary due to pursuing another lawsuit that was seeking to compel the U.S. Department of Justice that was meant to force the U.S. Department of Justice to reveal the identity of "Individual X," the unknown hacker who helped to forfeit the Bitcoins stolen from Silk Road to the U.S. government.
HOT Stories / hot-stories Gensler Slams Crypto Ahead of His Exit 69,000 BTC Could Be Sold by U.S. Government Bitcoin's (BTC) Goodbye to $100,000, Shiba Inu (SHIB) Approaches Last Support, XRP Stronger Than Everyone Else Ripple USD (RLUSD) Gets Listed on Major European Exchange The mysterious figure hacked Silk Road more than a decade ago and was allegedly threatened by jailed founder Ross Ulbricht. Advertisement Battle Born Investments Company and other claimants wanted to disclose the identity of that figure by relying on the Freedom of Information Act (FOIA). However, the United States District Court for the Northern District of California ended up ruling in favor of the government.
The ruling means that the government can move forward with liquidating the confiscated Bitcoin fortune. This possible selling pressure is likely to make things much worse for Bitcoin bulls who are currently struggling to revive their momentum. On Wednesday, the Bitcoin price plunged to an intraday low of $92,938. The cryptocurrency is currently changing hands at $94,312 on the Bitstamp exchange.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.