The United States authorities have been given permission to sell off approximately 69,370 Bitcoins that they obtained from the closed illegal marketplace, Silk Road.
In this case, Battle Born Investments Company, First 100, and 1st One Hundred Holdings were seeking a temporary halt on the execution of the court’s ruling.
They stated that, given another legal case aimed at compelling the U.S. Department of Justice, it was essential because this action would require the U.S. Department of Justice to disclose the identity of “Individual X,” who was instrumental in returning Bitcoins stolen from Silk Road to the U.S. government and has thus far remained anonymous.
A shadowy character is said to have broken into the digital marketplace known as Silk Road over a decade back, an act that subsequently led to reported threats from its imprisoned creator, Ross Ulbricht.
The Battle Born Investments Company, along with other parties involved, intended to reveal the identity of the individual in question by invoking the Freedom of Information Act (FOIA), essentially requesting access to information under its provisions.
As an analyst, I must report that the U.S. District Court for the Northern District of California decided to side with the government in our case.
The decision allows the government to proceed with selling off the seized Bitcoin holdings.
The potential for increased selling could significantly worsen the situation for Bitcoin supporters, as they’re presently striving to regain their forward momentum.
On this past Wednesday, the value of a single Bitcoin dropped to its lowest point in a day, reaching $92,938. At the moment, it’s being traded for $94,312 on the Bitstamp platform.
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2025-01-09 09:25