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The White House completes the sad history of Silk Road.
The US Supreme Court refused to consider the case of 69370 bitcoins ($4.38 billion), which the US government seized from the Silk Road darknet market.
The lawsuit was filed by Battle Born Investments, which claimed that it acquired the rights to the confiscated bitcoins through bankruptcy proceedings. However, the Supreme Court rejected the company's request for a review of the case, which paves the way for the US government to sell the assets.
Previously, Battle Born failed to convince the lower courts that the company received the rights to bitcoins after the closure of Silk Road in 2013. In 2022, the District Court dismissed the lawsuit, and in 2023, the Court of Appeals in San Francisco also upheld the decision, noting that the company had no legal basis to receive the confiscated assets.
The U.S. Supreme Court's rejection means that the government's civil lawsuit to confiscate bitcoin is now likely to be granted, allowing the government to sell the assets. In July, the U.S. government had already moved about $2 billion worth of bitcoin that was linked to the Silk Road case. The transactions were conducted through the U.S. Marshals Service, which uses Coinbase Prime to store seized cryptocurrencies.
The US government's plans regarding the seized bitcoins remain unclear. However, Donald Trump has promised to create a "strategic reserve of bitcoins" if he wins the election. In turn, Democratic candidate Kamala Harris has not yet publicly announced her plans for confiscated cryptocurrencies.
Silk Road was created in 2011 by Ross Ulbricht, who is currently serving a life sentence for his involvement in money laundering and drug trafficking. Trump also announced his intention to release Ulbricht if he wins the election.
Source
The US Supreme Court refused to consider the case of 69370 bitcoins ($4.38 billion), which the US government seized from the Silk Road darknet market.
The lawsuit was filed by Battle Born Investments, which claimed that it acquired the rights to the confiscated bitcoins through bankruptcy proceedings. However, the Supreme Court rejected the company's request for a review of the case, which paves the way for the US government to sell the assets.
Previously, Battle Born failed to convince the lower courts that the company received the rights to bitcoins after the closure of Silk Road in 2013. In 2022, the District Court dismissed the lawsuit, and in 2023, the Court of Appeals in San Francisco also upheld the decision, noting that the company had no legal basis to receive the confiscated assets.
The U.S. Supreme Court's rejection means that the government's civil lawsuit to confiscate bitcoin is now likely to be granted, allowing the government to sell the assets. In July, the U.S. government had already moved about $2 billion worth of bitcoin that was linked to the Silk Road case. The transactions were conducted through the U.S. Marshals Service, which uses Coinbase Prime to store seized cryptocurrencies.
The US government's plans regarding the seized bitcoins remain unclear. However, Donald Trump has promised to create a "strategic reserve of bitcoins" if he wins the election. In turn, Democratic candidate Kamala Harris has not yet publicly announced her plans for confiscated cryptocurrencies.
Silk Road was created in 2011 by Ross Ulbricht, who is currently serving a life sentence for his involvement in money laundering and drug trafficking. Trump also announced his intention to release Ulbricht if he wins the election.
Source
