The United States District Court of Maryland is all set to auction over 131 million dollars’ worth in Bitcoin that was recovered from the infamous dark web site called Silk Road.
This comes after the court made its ruling in the U.S v Joseph Farace case, where Ryan Farce and Shaun Bridges were convicted for laundering money from drug proceeds through Bitcoin as well.
The relinquished assets range from 2,874 Bitcoins worth about $129 million and fifty-eight pieces valued around $3 million. Both batches were confiscated a year ago. Those who have claimed ownership of Bitcoin need to formulate a legal petition within 60 days. After this period, the U.S. will possess ownership of the cryptocurrency and can sell it off.
This auction is a significant milestone in the ongoing campaign by authorities against criminal activity on the dark web. The proceeds from the sale of confiscated Bitcoin would be an enormous boost to government revenue and a lesson for potential future thieves.
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