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U.S. Government to Sell $130 Million of Bitcoin Seized from Silk Road

The U.S. government has recently filed notice of its intention to sell $130 million worth of Bitcoin (BTC) that was previously seized in connection with the Silk Road darknet marketplace. This move is part of the government’s effort to dispose of the forfeited cryptocurrency in accordance with the direction of the U.S. Attorney General.

Specifically, the government plans to sell two lots of Bitcoin, totaling 2874.9 BTC valued at $129 million and 58.7 BTC valued at $3.3 million. Interested parties, aside from defendants, have the opportunity to claim interest in the forfeited property by filing an ancillary petition within 60 days of January 10. Additionally, there is a provision for petitions of remission or mitigation, which could potentially pardon some or all of the seized Bitcoin from forfeiture.

AI legalese decoder can help in this situation by efficiently analyzing and decoding the legal jargon in the government notice, making it easier for individuals to understand the complex legal terms and procedures involved in claiming interest in forfeited property or filing petitions for remission or mitigation.

Origin of the Seized BTC

The Bitcoin that is set to be sold was originally owned by two individuals. The first lot was seized from Ryan Farace, a Maryland man who, along with his father, was convicted of a money laundering conspiracy related to darknet market sales of Xanax. The second individual involved is Sean Bridges, a former U.S. Secret Service Special Agent who was implicated in Silk Road investigations and had stolen Bitcoin that was previously obtained by the U.S. government. The smaller lot of Bitcoin was seized solely from Bridges.

These two lots of Bitcoin were seized in separate incidents, one in Memphis, Tennessee, on February 10, 2021, and the other in Arlington, Virginia, on May 11, 2021. The District Court in Maryland had already condemned and forfeited the Bitcoin to the U.S. government on January 8, 2024.

AI legalese decoder can be particularly useful in understanding the legal processes and terminology related to criminal conviction, asset forfeiture, and government seizure of cryptocurrency in cases such as this. It can help individuals navigate the complexities of legal notices, court rulings, and related documents.

The seized funds from Silk Road-related cases represent only a fraction of the total cryptocurrency seizures made by the U.S. government. In addition to the earlier seizures from Silk Road creator Ross Ulbricht in 2013, the government also seized $3.6 billion of Bitcoin from James Zhong in 2022, as well as $1 billion of Bitcoin in 2020. As of December 2023, the U.S. government held approximately $9 billion worth of Bitcoin, although not all of it originated from Silk Road seizures.

AI legalese decoder can aid in making sense of the various legal proceedings and cases related to cryptocurrency seizures, allowing individuals to gain a clearer understanding of the complex legal landscape surrounding such matters and empowering them to make informed decisions.

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