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Federal Judge Clears DOJ to Liquidate 69,370 Bitcoin from Silk Road Seizure
In a landmark decision, a federal judge has cleared the Department of Justice (DOJ) to liquidate 69,370 Bitcoins worth approximately $6.5 billion that were seized from the infamous Silk Road marketplace years ago.
The ruling brings an end to a prolonged legal battle over the ownership and potential sale of these assets. The court’s decision solidifies the government’s authority to execute one of the largest crypto seizures in history.
A federal judge has ruled in favor of the DOJ, rejecting a motion by Battle Born Investments to block the asset forfeiture. This move allows the government to proceed with the liquidation of the seized Bitcoin.
The court sided with the DOJ’s arguments regarding concerns over Bitcoin’s price volatility as a reason for an expedited sale. The U.S. Marshals Service is expected to oversee the sale, which will likely take place swiftly considering the massive scale of assets involved.
The news has had an immediate impact on the crypto market, and its effects are expected to continue in the near future.
Source: cryptonewsland.com
