U.S. government to sell over $131m in Bitcoin seized from Silk Road

The U.S. District Court of Maryland has issued a notice regarding the disposition of a substantial amount of Bitcoin from the former marketplace Silk Road, totaling over $131 million. 

This action follows the court’s order in the case of U.S. v. Joseph Farace, where Bitcoin was seized from Ryan Farace and Shaun Bridges in 2021. Ryan France was sentenced to 54 months in prison earlier this year for laundering drug profits over the dark web, along with his father.

Bridges was a U.S. Secret Service Special Agent, convicted back in 2015 for laundering drug money using Bitcoin over the notorious darknet market, Silk Road. 

The confiscated digital assets include 2,874 Bitcoins valued at approximately $129 million and 58 worth around $3 million. Both batches were seized back in 2021 in Memphis and Arlington. 

The U.S. District Court has expressed its intention to sell the forfeited assets as directed by the Attorney General. Excluding the defendants in the case, individuals who claim an interest in the forfeited assets have been given a 60-day window from Jan. 10 to file an ancillary petition, a legal document required to be filed to claim an interest in a seized property. 

After reviewing any claims or when the claim period ends, the U.S. will officially own the seized Bitcoin and can sell it legally.