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Kaizen 2414
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The US Department of Justice's sale of over $6 billion worth of Bitcoin could put downward pressure on the market. The sales are scheduled to take place within two weeks.
US Department of Justice gets green light to sell bitcoins
Preparing to liquidate 69,370 bitcoins valued at around $6.5 billion
The bitcoins were seized years ago as part of the case against Silk Road
Bitcoin (BTC) has dropped more than 12% in price from its all-time high above $108,000 reached last month, but those losses could be about to widen even further as the US government sells.
The US Department of Justice (DOJ) has been cleared to sell approximately 69,370 bitcoins valued at around $6.5 billion, DB News reported on Wednesday.
The bitcoins are the proceeds of a seizure in the high-profile Silk Road case, a former illicit darknet drug market that operated with Bitcoin payments, the report said. The sale order came in the wake of a court ruling on Dec. 30, ending a years-long legal dispute over Bitcoin ownership, the report noted.
U.S. prosecutors had requested expedited permission to sell the cryptocurrencies, citing price volatility as a key reason to avoid further delays.
A federal judge rejected attempts by Battle Born Investments — which had claimed the stash of bitcoins through a bankruptcy estate — to delay the sale, ruling in favor of prosecutors.
Officials have now confirmed they plan to sell the assets worth billions of dollars within two weeks, before the incoming Donald Trump administration takes office on Jan. 20. $BTC
US Department of Justice gets green light to sell bitcoins
Preparing to liquidate 69,370 bitcoins valued at around $6.5 billion
The bitcoins were seized years ago as part of the case against Silk Road
Bitcoin (BTC) has dropped more than 12% in price from its all-time high above $108,000 reached last month, but those losses could be about to widen even further as the US government sells.
The US Department of Justice (DOJ) has been cleared to sell approximately 69,370 bitcoins valued at around $6.5 billion, DB News reported on Wednesday.
The bitcoins are the proceeds of a seizure in the high-profile Silk Road case, a former illicit darknet drug market that operated with Bitcoin payments, the report said. The sale order came in the wake of a court ruling on Dec. 30, ending a years-long legal dispute over Bitcoin ownership, the report noted.
U.S. prosecutors had requested expedited permission to sell the cryptocurrencies, citing price volatility as a key reason to avoid further delays.
A federal judge rejected attempts by Battle Born Investments — which had claimed the stash of bitcoins through a bankruptcy estate — to delay the sale, ruling in favor of prosecutors.
Officials have now confirmed they plan to sell the assets worth billions of dollars within two weeks, before the incoming Donald Trump administration takes office on Jan. 20. $BTC
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