Silk Road Loot Goes Public: US Government To Sell Off $132.5M In Seized Bitcoin

The U.S. District Court for the District of Maryland announced its intention to sell a substantial amount of Bitcoin (CRYPTO: BTC), valued at approximately $132.5 million, which was seized in connection with the Silk Road scam investigation.

The forfeiture involved two separate seizures of Bitcoin from Ryan Farace and Sean Bridges.

The first seizure, involving 2874.904256 Bitcoin valued at around $129,251,164.54, occurred on Feb. 10, 2021, in Memphis, Tennessee.

The second, comprising 58.742155166 Bitcoin worth approximately $3,304,833.65, was seized from Farace on May 11, 2021, in Arlington, Virginia.

The notice, issued by the court, indicated the government's plan to dispose of the forfeited Bitcoin as directed by the U.S. Attorney General.

This move comes after the court's order condemning and forfeiting the said property to the U.S.

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Those who claim an interest in the forfeited property are required to file an ancillary petition within 60 days from Jan. 10, 2024.

These petitions must be filed with the Clerk of the Court in Greenbelt, Maryland, and a copy served upon Assistant U.S. Attorney Stephanie Williamson.

The court will review any filed petitions.

If none are filed within the set time, the U.S. can sell the property.

The government may also accept petitions to return all or part of the property. These petitions need a detailed claim description, proof and an oath signature. The deadline is 30 days after the notice's final publication.

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