US Government to Gain $115 Million from Sale of Silk Road-Linked 2875 BTC

The US government announced plans to sell 2875 BTC, valued at approximately $115 million, which were confiscated from darknet marketplace Silk Road drug dealers Ryan Farace and Shaun Bridges.

In 2018, Farace and his father were sentenced to 57 months in prison. At that time, the court ordered the forfeiture of $5.6 million in cash, property, and 4000 BTC.

In 2021, during an investigation into additional charges, the Drug Enforcement Administration seized 2875 BTC in February and another 59 BTC in May.

Bitcoin showed no reaction to the news release. According to CoinGecko, its price remained largely unchanged over the past day, fluctuating between $39,600 and $40,300.

According to 21co, the US government is one of the largest holders of bitcoin. At the time of writing, authorities control 194,188 BTC ($7.78 billion).

In December 2023, a US appellate court officially confirmed the forfeiture of 69,370 BTC (~$3 billion) linked to Silk Road.

The US Department of Justice seized the assets in November 2020. At that time, the coins were valued at approximately $1 billion.