U.S. Federal Court approves sale of Silk Road assets

On December 30, 2024, a federal court granted the U.S. Department of Justice permission to liquidate 69,370 BTC confiscated from Silk Road. At the time of the decision, their value was estimated at $6.58 billion. This was made possible after years of legal proceedings that ultimately ended unfavorably for Battle Born Investment.

Case lost, but accusations remain

Battle Born Investment, which claimed rights to the confiscated assets through bankruptcy proceedings, attempted to uncover the identity of the hacker known as Individual X. This individual hacked Silk Road, and their blockchain assets were seized by the authorities. However, in October 2024, the court dismissed their lawsuit.

Following the loss, the attorney for Battle Born Investment accused the Department of Justice of abusing forfeiture procedures. According to them, the government deliberately used procedural loopholes to avoid addressing the case's merits.

Why will the cryptocurrency be sold?

During the proceedings, the U.S. Department of Justice argued for the swift sale of confiscated crypto assets, citing their high volatility. A department representative stated that the government intends to comply with the court’s decision and the sale will be carried out as prescribed.