The United States government is considering the liquidation of a total of 41,000 Bitcoin (BTC), seized in the case linked to Ross Ulbricht, founder of Silk Road. According to court documents released on March 31, a sale of 9,861 BTC has already taken place on March 14, 2023, generating $215.7 million.
The March 31 filing in the United States District Court for the Southern District of New York in connection with the conviction of James Zhong reveals that US government authorities have undertaken the liquidation of approximately 51,352 BTC seized in the context of the Ulbricht case. Following the sale of 9,861 BTC for more than 215 million dollars on March 14, it remains to be liquidated approximately 41,491 BTC. The court document states: “The government believes that [les Bitcoins confisqués] will be liquidated in four more batches during this calendar year”.
James Zhong pleaded guilty in November to electronic fraudafter he set up a scheme to steal Bitcoins on Silk Road in 2012. More than 50,000 BTC were seized by US authorities in November 2021 from his residence in Georgia, representing a value of more than $3 billion at the time. This massive seizure of crypto-money is among the most important made by the government, until the recovery of approximately $3.6 billion in February 2022, following the Bitfinex hack in 2016.
The price of BTC was volatile over the past month, falling below the bar of $20,000 on March 10, before rising more than $29,000 March 29. At the time of writing, the price of BTC stands at $28,378.
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