U.S. Government To Sell 41,500 Bitcoin Linked To Silk Road In 2023

Key Points:

• The US government sold 9,861.1707894 Bitcoin, worth $215,738,154.98, from the Ulbricht case on March 14, 2023.
• The remaining 41,490.72 BTC will be liquidated in four more batches over the year.
• The sale on March 14 was the first round of liquidation from the case and the government has not yet announced the second round of liquidation.

US government has sold a portion of Bitcoin forfeited in the Ulbricht case. 9,861.1707894 BTC were sold on March 14, 2023, and approximately 41,490.72 BTC is expected to be liquidated in four more batches this year.

The US government has sold a portion of the Bitcoin that was forfeited in the Ulbricht case before Judge Schofield. A total of 9,861.1707894 BTC out of the 51,351.89785803 BTC was sold on March 14, 2023, for a total of $215,738,154.98. After transaction fees, the net proceeds to the government were $215,522,416.83.

The remaining, approximately 41,490.72 BTC, is expected to be liquidated in four more batches over the course of this year. However, the government has not yet announced the second round of liquidation, and it is unclear when it will occur.

The Ulbricht case, also known as the Silk Road case, is a high-profile case that involves the illegal online marketplace Silk Road. The government has been seeking to forfeit approximately 51,351.89785803 Bitcoin traceable to Silk Road, valued at approximately $3,388,817,011.90 at the time of seizure. This includes:

• 50,491.06251844 BTC seized from Zhong’s home on November 9, 2021;
• 825.38833159 Bitcoin provided by Zhong on March 25, 2022; and
• 35.4470080 Bitcoin provided by Zhong on May 25, 2022.

The US government has been liquidating (selling) the Bitcoin forfeited in the Ulbricht case, and the sale on March 14 was the first round of liquidation. The government understands from IRS Criminal Investigation – Asset Recovery & Investigative Services that the second round of liquidation will not be sold prior to Zhong’s sentencing date.

It is worth noting that Bitcoin was valued at around $25k on March 14, 2023, which means that the government probably did some Coinbase TWAP that ended on March 14. While it is not clear what this means for the future of Bitcoin, it is clear that the US government is taking steps to liquidate the Bitcoin traceable to Silk Road and is expected to continue doing so over the course of this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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