The post DOJ Selling Bitcoin (BTC USD): FUD Or Legitimate? appeared on BitcoinEthereumNews.com.

The United States Department of Justice (DOJ) has been cleared to sell around 69,370 Bitcoin (BTC USD) seized from the Silk Road marketplace. Worth approximately $6.5 billion, this stash represents one of the largest cryptocurrency seizures in history. The decision came on December 30, following a federal court ruling that ended years of legal disputes. The DOJ did not provide any prior notice about the sale, adding to market uncertainty. While the agency has yet to release details on the liquidation timeline, the Bitcoin was confiscated in 2020 from an individual referred to as “Individual X,” linked to the Silk Road’s illegal operations. Legal Fights Over the Bitcoin (BTC USD) The Bitcoin (BTC USD) sale came under a lot of pressure in the years that followed. Battle Born Investments, a group claiming ownership of the cryptocurrency, attempted to block the sale and demanded transparency regarding “Individual X.” These allegations were dismissed by the court and U.S. District Judge Richard Seeborg granted the DOJ’s motion to sell the Bitcoin. The court concluded that the DOJ’s action was legal and the interest of individuals was more important than the interests of the public. Some of the bitcoin, reportedly, have been liquidated already but this has not been confirmed. In December 2024, two billion dollars of Bitcoin was moved to Coinbase pursuant to a deal with the U.S. Marshals Service. – Advertisement – How the Sale Could Affect Markets This is not the first time the US government has confiscated Bitcoins either. Since 2014, the DOJ has sold a large number of cryptocurrency, and the biggest amount includes 30 000 Bitcoin which were bought by the investor Tim Draper. Such selling has in the past created short term disturbance on the market but has not led to permanent damage. The planned sale comes…

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Filed under: News - @ January 9, 2025 4:27 pm