In a latest court docket submitting, the US Authorities revealed it offered 9,800 BTC on March 14 for a complete of $215,738,154.98, with web proceeds amounting to $216 million.
That is a part of the Bitcoin sum seized in November 2021 from James Zhong, who pled responsible to unlawfully acquiring over 50,000 Bitcoin from the Silk Highway darkish net in 2012.
The federal government goals to dump roughly 41,500 extra BTC related to the case.
The court docket submitting outlined that the remaining Bitcoin is predicted to be liquidated in 4 extra batches all through this calendar yr.
The unique seizure of roughly 50,676 Bitcoin from Zhong’s residence was valued at over $3.36 billion on the time, making it the biggest cryptocurrency seizure within the historical past of the US Division of Justice.
Silk Highway was an notorious on-line market on the darkish net, working from 2011 till 2013. It facilitated the sale and buy of unlawful medication, weapons, and different illicit items and companies.
The platform used Bitcoin as its main foreign money, permitting customers to conduct transactions with a excessive stage of anonymity. In 2015, the platform’s founder, Ross Ulbricht, was convicted and sentenced to life in jail following a groundbreaking prosecution by the Southern District of New York.