United

Bitcoin

Silk Road

Million

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The United States District Court for the District of Maryland has <a href="https://search.forfeiture.gov/ViewNotice.aspx?n=2C56BF8BBA669130A23A2D26536E4696B3BF53CA&amp;a=">authorized</a> an order to forfeit and sell Bitcoin valued at approximately $130 million.&nbsp;
This substantial sum was seized from the operators of the notorious Silk Road online marketplace, specifically from operators named Ryan Farace and Sean Bridges.&nbsp;
The forfeiture is one of the most substantial financial seizures from digital crime enforcement to date.
<h2 id="the-forfeiture-process">The forfeiture process&nbsp;</h2>
Following the court's order, the government issued a notice detailing the forfeiture and the ensuing process for disposing of the assets.&nbsp;
Parties with a vested interest in the forfeited property have a 60-day window to file a petition with the court in order to challenge the forfeiture or assert a legal claim to the assets.&nbsp;
The legal framework allows for the period of petitioning before the government proceeds with the sale, thus ensuring that any parties unjustly affected can seek relief.&nbsp;
The notice also outlines the opportunity for petitions for remission or mitigation. This provides a pathway for pardoning the property under specific circumstances.
<h2 id="the-silk-road-saga">The Silk Road saga&nbsp;</h2>
<a href="https://u.today/silk-road-founder-ross-ulbricht-begins-his-10th-year-in-prison">Silk Road</a> has remained a dark chapter in the history of online marketplaces due to its facilitation of illegal drug trades via Bitcoin transactions.&nbsp;
This saga keeps seeing new developments years after the collapse of the infamous dark web market. In October, Jimmy Zhong received a one-year sentence for his involvement in the theft of Bitcoin from the Silk Road marketplace.&nbsp;
The U.S. government has consistently held auctions for Bitcoin recovered from the Silk Road, transforming assets once used for illicit transactions into government funds.
Last July, it moved $300 million worth of Bitcoin after selling 9,861 coins for $216 million in March.&nbsp;
In November 2022, the US government confiscated 50,000 Bitcoins valued at $1.04 billion at the time of their discovery. &nbsp;

$130 Million Silk Road Bitcoin Haul to be Sold by US Authorities

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