Supreme Court Won't Hear Case Over $4.4 Billion in Seized Silk Road Bitcoin - Decrypt
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Supreme Court Won't Hear Case Over $4.4 Billion in Seized Silk Road Bitcoin
The U.S. government now appears free to sell 69,370 Bitcoin that it seized from a Silk Road-affiliated wallet. The United States Supreme Court declined on Monday to hear a case concerning the ownership of 69,370 Bitcoin seiz
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Summary
- 🏛️ The U.S. Supreme Court has declined to hear a case regarding 69,370 Bitcoin seized from the Silk Road marketplace, allowing the government to proceed with potential sales.
- 💰 The seized Bitcoin, valued at approximately $4.38 billion, was claimed by Battle Born Investments, which argued it had rights to the assets through a bankruptcy estate.
- ⚖️ A federal court ruled against Battle Born, stating they failed to prove that the debtor, Raymond Ngan, was the individual who stole the Bitcoin from Silk Road.
- 🔄 The federal appeals court upheld the initial ruling, effectively ending Battle Born's claims and clearing the way for the government to manage the seized funds.
- 📈 The U.S. government has recently transferred significant amounts of Silk Road Bitcoin, indicating preparations for potential sales, with custody managed by Coinbase Prime.
Top Highlights
- Supreme Court Won't Hear Case Over $4.4 Billion in Seized Silk Road Bitcoin The U.S. government now appears free to sell 69,370 Bitcoin that it seized from a Silk Road-affiliated wallet.
- The United States Supreme Court declined on Monday to hear a case concerning the ownership of 69,370 Bitcoin seized from the dark web marketplace Silk Road, apparently paving the way for the American government to sell the $4.38 billion stash of BTC in question. In 2022, a federal court in California ruled against Battle Born Investments, a compan...
- The federal court was unconvinced that Ngan was really “Individual X,” and thus ruled that Battle Born did not have a valid claim to the seized Bitcoin. The following year, a federal appeals court in San Francisco upheld the ruling. Now that the Supreme Court has declined to hear Battle Born’s case, the issue has more or less reached the end of t...
- In recent months, the U.S. government has moved around massive sums of Bitcoin seized from Silk Road. During two weeks in July and August, for example, it sent some $2.6 billion worth of Bitcoin to new wallets. These moves are typically made in preparation to sell the funds. However, the U.S. Marshals Service has a custody deal with Coinbase Prime,...
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