The United States Court of Appeals has officially authorized the forfeiture of 69,370 Bitcoin (BTC) linked to the now-defunct dark web marketplace, Silk Road.
This massive Bitcoin forfeiture, valued at over $3 billion at the current price, is one of the largest in history. The United States Department of Justice (DOJ) initially seized the funds in 2020, and the court ruling came into effect on December 20, 2023.
The U.S. government, along with two claimants, is involved in the case, with Silk Road founder Ross Ulbricht named as the respondent. The forfeited Bitcoin and other cryptocurrencies are likely to be liquidated by the government, following its historical trend of conducting sell-offs. This move underscores the government’s authority over digital currency assets.
