The US government has been authorized to liquidate 69,370 bitcoins seized from the now-defunct Silk Road trading platform.
The plaintiffs (Battle Born Investments Company, First 100, 1st Oneundred Holdings) moved for a stay of judgment in this action after the U. S. Department of Justice received information that
"person X"
unidentified hacker who helped the U. S. Department of Justice seize bitcoins stolen from Silk Road for the benefit of the U. S. government was arrested by the U. S. Department of Justice and accused of being "person X".
BREAK argued that a stay of execution was necessary because he had filed another lawsuit seeking to reveal his identity. This mystery man allegedly hacked Silk Road more than a decade ago and received threats from jailed founder Ross Ulbricht.
Battle Born Investments and other plaintiffs had hoped to uncover this man's identity through the Freedom of Information Act (FOIA). However, the U. S. District Court for the Northern District of California ruled in favor of the government.
This ruling means that the government could begin liquidating confiscated #bitcoin assets.
This potential selling pressure is likely to worsen the situation for bitcoin bulls who are currently trying to revive momentum.
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