Silk Road Loot Goes Public: US Government To Sell Off $132.5M In Seized Bitcoin
Portfolio Pulse from Murtuza Merchant
The U.S. District Court for the District of Maryland plans to sell $132.5 million in Bitcoin seized in connection with the Silk Road scam. The Bitcoin was confiscated from Ryan Farace and Sean Bridges in two separate seizures. Interested parties have 60 days from Jan. 10, 2024, to file a claim for the property, after which the U.S. government may proceed with the sale.
January 25, 2024 | 7:29 pm
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The U.S. government's plan to sell $132.5 million worth of seized Bitcoin could potentially increase market supply, possibly affecting Bitcoin's price.
The sale of a large amount of Bitcoin by the U.S. government could lead to an increased supply in the market. This might put downward pressure on Bitcoin's price in the short term, as the market absorbs the additional supply. However, the actual impact will depend on market conditions and investor reactions at the time of the sale.
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