The U.S. government has secured final approval in the Northern District Court of California to liquidate crypto's largest-ever federal seizure, signaling the closure of a complex four-year legal battle over billions in Bitcoin tied to the infamous Silk Road marketplace.
According to A, Chief U.S. district judge Richard Seeborg has denied a request to block forfeiture of the 69,370 Bitcoins, allowing the Department of Justice the opportunity to sell these assets worth $6.5 billion. court document Filing deadline is December 30.
The Judge Seeborg has a reputation for handling high-profile matters. Recently, he rejected the argument that Alphabet’s Google had adequately disclosed its tracking of user behavior. A possible August trial for the tech giant is now on the horizon.
It's unclear why the document relating to the seized Bitcoin has surfaced this week. The DOJ declined to comment on a request.
This confirms the development Prior reporting In October of last year, it seemed that the U.S. Government was free to sell the Bitcoins seized from an affiliated wallet.
Decrypt The court Document following a report made late Wednesday evening, by DB News. The initial report cited officials who confirmed the decision.
The ruling alone doesn't guarantee immediate liquidation since federal asset forfeiture involves multiple administrative steps and potential appeal windows.
DOJ has already sold a portion of Bitcoin seized in the last few months. On December 3, 2020, the U.S. Moved by the movers Coinbase receives nearly $2 billion worth of Silk Road Bitcoin
The Government Maintains a child custody agreement Coinbase Premier is available through the U.S. Marshals Service is a part of DOJ.
Cashing out and checking out
The Justice Department's path to finally checking out Satoshi-era Bitcoin stash has weathered several legal storms, including appeals to the Ninth Circuit and Supreme Court.
The decision marks an end to multiple challenges, including Battle Born Investments who had claimed ownership through bankruptcy proceedings that involved a person they believed as the original owner.
Final draw was based on Freedom of Information Act requests to reveal identities "Individual X," In 2020, the mystery figure surrendered Bitcoins to authorities.
Documents from the Court Timeline for Cases The crypto seized by the federal authorities was likely derived from Silk Road, a dark-web marketplace shut down in 2013 after being closed.
The Bitcoin cache represents what remains of the platform's illegal transactions in what could become one of the largest government crypto liquidations in history.
Trump time
This resolution comes at a time when government holdings of crypto are politically sensitive.
Donald Trump told Holders that he was the president-elect "never sell your Bitcoin" In July, last year at the Nashville crypto-conference, they also promised to create a strategic "Bitcoin stockpile."
Newly revealed documents have also raised concerns over the management of these assets. Trump will be inaugurated in office less than two week.
Sebastian Sinclair edited the book
Editor's note: Adds response from a DOJ spokesperson, who declined to comment further.