The US Supreme Court has refused to hear a case involving 69,370 Bitcoins seized from the dark web marketplace Silk Road, paving the way for the liquidation of the $4.38 billion worth of Bitcoins.
📜 Key Points:
Appeal dismissed: Battle Born Investments, the company that claimed ownership of the Bitcoins through Raymond Ngan's bankruptcy estate, lost its case. Both the federal and appellate courts did not believe that Ngan was the hacker "Individual X."
Liquidation Coming: About $2.6 Billion in Bitcoin Has Been Transferred to Coinbase Wallets, Hinting Liquidation Could Begin
💰 Biggest seizure history: Ross Ulbricht ran Silk Road, a massive dark web marketplace, from 2011-2013. Ulbricht was arrested and sentenced to life in prison in 2013. In 2020, the IRS discovered that hackers had stolen Bitcoin from Silk Road, leading to the seizure.
🏦 The Future of Bitcoin: Former President Trump has suggested that Bitcoin could be used to build a strategic reserve and he promised to pardon Ross Ulbricht if elected.
