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U.S. Government Set to Auction $117 Million in Bitcoin Tied to Silk Road. 🤯🆘
In a recent development, the U.S. government has unveiled plans to auction off Bitcoin seized in connection with the infamous Silk Road operation. The total value of the seized cryptocurrency stands at an impressive $117 million.
The auction will consist of two lots, with the first lot containing 2,874 BTC and the second lot comprising 58 BTC. These Bitcoins were linked to Ryan Farace, who, along with his father Joseph, faced charges of money laundering in connection to drug trafficking.
Ryan and Joseph Farace were handed a 54-month prison sentence in Maryland last year for laundering Bitcoins associated with drug smuggling. These funds were intended to be repatriated to the U.S.
No specific timeline for the sale of these seized Bitcoins has been disclosed by the U.S. government.
Analysts predict a minimal impact on the market as the auctioned Bitcoins represent a small fraction of the daily trading volume.
The article also poses a lingering question regarding the whereabouts of the staggering $4.8 billion worth of Bitcoin that mysteriously disappeared from the Silk Road.
Stay tuned for further updates on this intriguing saga as the U.S. government moves forward with the auction of Silk Road-linked Bitcoins.
