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Silk Road Bitcoin US Government

US Govt Could Sell 69,000 Silk Road Bitcoin After Supreme Court Decision

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The United States Supreme Court has declined to hear an appeal from Battle Born Investments over the forfeiture of 69,370 bitcoins originally linked to the Silk Road darknet marketplace. The decision, listed under “CERTIORARI DENIED” in the Supreme Court’s October 7 publication, effectively allows the US government to seize and potentially sell the Bitcoins, currently valued at approximately $4.4 billion.

US Govt Retains The Right To The Seized Bitcoins

The case revolves around a civil forfeiture action initiated by the US government following the shutdown of Silk Road. Battle Born Investments claimed legal ownership of the Bitcoins, asserting that in March 2018, they had entered into an agreement to purchase assets—including the Bitcoins in the “1HQ3” wallet—from the Chapter 7 bankruptcy estate of Raymond Ngan. They alleged that these assets were tied to an individual known as “Individual X,” who had stolen the bitcoins from Silk Road and was associated with Ngan.

Related Reading: Trump Courts Crypto Voters: Pledges To Free Silk Road Founder Following 2024 Elections

However, US authorities contested Battle Born’s claims, maintaining that the Bitcoins were subject to forfeiture due to their connection with illegal activities on Silk Road. In 2022, the US District Court for the Northern District of California ruled in favor of the government, ordering that it should “dispose of the defendant’s seized property in accordance with the law.”

Battle Born Investments appealed the decision, but on August 18, 2023, the Ninth Circuit Court of Appeals affirmed the lower court’s ruling. The appellate court determined that Battle Born “did not have standing to challenge the forfeiture,” stating that their claims were speculative and lacked substantial evidence to establish direct ownership of the Bitcoins.

Following the appellate court’s decision, Battle Born sought a rehearing en banc, which was denied on December 12, 2023. Persisting in their legal efforts, they filed a petition for a writ of certiorari to the Supreme Court on April 25, 2024, arguing that the lower courts had erred in their interpretation of their standing and ownership claims.

Related Reading: US Government Moves 10,000 Bitcoin From Silk Road Bust, Here’s The Destination

The Supreme Court’s refusal to review the case effectively upholds the decisions of the lower courts. By denying the petition, the Supreme Court confirms that Battle Born Investments lacks the necessary standing to contest the forfeiture of the Bitcoins. This outcome moves the 69,370 BTC from a seized status to a forfeited and sellable asset, granting the US government the authority to “dispose of the defendant’s seized property in accordance with the law.”

The government’s position, supported by filings from the US Department of Justice, emphasized that “mere claims of ownership, without substantial evidence, are insufficient for establishing standing in civil forfeiture cases.” The courts agreed, highlighting the need for concrete evidence tying the claimed assets directly to Battle Born.

The potential sale of 69,370 BTC by the US government could have significant implications for the market. Valued at approximately $4.4 billion at current prices, the liquidation of such a large amount of Bitcoin could influence market dynamics and investor sentiment. In the past, US govt selling news have stirred the market massively.

Notably, Donald Trump vowed to transfer all seized Bitcoin into a “strategic national stockpile.” Following this, on July 29, the Biden-Harris administration transferred 29,800 Bitcoin to an unknown wallet address.

At press time, BTC traded at $62,356.

Bitcoin price
Bitcoin price, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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