The U.S. government has cleared a major hurdle in its efforts to sell off Bitcoin seized from the now-defunct Silk Road dark web marketplace. According to blockchain analytics firm Lookonchain, the Supreme Court’s decision not to hear a case filed by Battle Born Investments grants the government full control over 69,370 Bitcoin, currently valued at approximately $4.33 billion.
This decision comes after a lengthy legal battle. The funds were initially seized in 2020 and linked to an unnamed individual associated with Silk Road, often referred to as “Individual X.” Battle Born Investments, whose claim to the Bitcoin remains unclear, had appealed a lower court ruling granting ownership to the government.
This isn’t the first time the U.S. government has liquidated confiscated Bitcoin. In August 2024, they moved nearly 30,000 Bitcoin, with a portion going to a cryptocurrency exchange known as Coinbase Prime. Currently, the government holds a total of 203,239 Bitcoin, valued at roughly $12.63 billion. However, the 69,370 Bitcoin tied to Silk Road’s “Individual X” has remained untouched in a specific wallet address for the past four years.
It remains to be seen how the government will proceed with the sale of this large amount of Bitcoin.
