U.S. authorities set to auction more than $131m worth of Bitcoin confiscated from Silk Road

The U.S. District Court of Maryland has issued a notice regarding the disposition of a significant amount of Bitcoin from Silk Road, the former marketplace. The total value of the Bitcoin is over $131 million. This action is in response to the court’s order in the case of U.S. v. Joseph Farace, where Bitcoin was seized from Ryan Farace and Shaun Bridges in 2021. Ryan France, along with his father, was sentenced to 54 months in prison earlier this year for laundering drug profits over the dark web. Bridges, a former U.S. Secret Service Special Agent, was convicted in 2015 for laundering drug money using Bitcoin on Silk Road.

The confiscated digital assets consist of 2,874 Bitcoins valued at approximately $129 million and 58 Bitcoins worth around $3 million. These assets were seized in 2021 in Memphis and Arlington. The U.S. District Court has expressed its intention to sell the forfeited assets as directed by the Attorney General. Individuals who claim an interest in the forfeited assets, excluding the defendants in the case, have been given a 60-day window from Jan. 10 to file an ancillary petition, which is a legal document required to claim an interest in a seized property.

Once all claims have been reviewed or the claim period ends, the U.S. will officially take ownership of the seized Bitcoin and can legally sell it.