The U.S. Department of Justice (DOJ) has received court approval to sell approximately 69,370 Bitcoin valued at $6.5 billion (₱379 billion). These assets were confiscated from the Silk Road, a defunct dark web marketplace, in one of the largest cryptocurrency seizures to date.
- Bitcoin Origin: The Bitcoin was seized from the Silk Road, a platform notorious for facilitating illegal trade, including drugs and hacking services.
- Timing Concerns: The sale has sparked speculation about its timing, with some suggesting political developments may have influenced the decision.
The announcement has generated comments on social media.
- Commenters speculate about the motives behind the sale
- Others are urging the DOJ to hold off selling to avoid impacting Bitcoin’s value.
Bitcoin is hovering at $95,000 at the time this article is written. Bitcoin has breached past $100,000 late last year.
Bitcoin is up 63,000% since Silk Road shut down in 2013.
The platform’s founder, Ross Ulbricht, was convicted in 2015. The incoming U.S. President Donald Trump promised to grant a pardon to Ulbricht if elected.
This article is published on BitPinas: U.S. DOJ Authorized to Sell $6.5 Billion Worth of Seized Bitcoin
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