BasEx | U.S. Authorities to Earn $115 Million from Silk Road BTC Sale
US Authorities to Generate $115 Million from Sale of 2875 BTC Related to Silk Road
27.01.2023
US Authorities to Generate $115 Million from Sale of 2875 BTC Related to Silk Road

The US government announced plans to sell 2875 BTC, valued at approximately $115 million, seized from criminals associated with the darknet marketplace Silk Road, Ryan Faras, and Shaun Bridges.

In 2018, Faras and his father were sentenced to 57 months in prison. During the same period, the court ordered the confiscation of $5.6 million in cash, real estate, and 4000 BTC.

In 2021, as part of additional charges, the Drug Enforcement Administration seized an additional 2875 BTC in February and 59 BTC in May.

The cryptocurrency market did not show significant reaction to this announcement. According to CoinGecko, the Bitcoin price remained stable over the last 24 hours, fluctuating within the range of $39,600 to $40,300.

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