• On March 31, the US government filed a court document to liquidate over 41,000 BTC seized from Silk Road creator Ross Ulbricht’s case.
• On March 14th, 9,861 BTC were sold for more than $215 million.
• The remaining 41,491 BTC is expected to be liquidated in four batches this year.

US Government Plans to Sell 41K Bitcoin Connected to Silk Road

On March 14th, 2023, the United States government sold 9,861 Bitcoin (BTC) for $215.7 million as part of a court filing on March 31 regarding the sentencing of James Zhong and the liquidation of roughly 51,352 BTC seized in connection with Silk Road creator Ross Ulbricht.

Background on Case

In November 2021, Zhong pled guilty to wire fraud charges related to executing a scheme to steal Bitcoin from Silk Road in 2012. U.S authorities then seized more than 50,000 BTC — worth more than $3 billion at the time — from his Georgia home.

Silk Road Marketplace

The now-defunct Silk Road marketplace originated as a platform where users could buy and sell illicit goods such as weapons and stolen credit card information; however it drew the attention of U.S authorities who arrested Ulbricht in 2013 for whom he is currently serving two life sentences without parole.

BTC Price Volatility

The price of bitcoin has been volatile this month; dropping below $20K on March 10th before rising above $29K on March 29th when BTC was priced at $28378.


< p >The US government plans to liquidate over 41K bitcoin connected to Silk Road by selling them off in four batches throughout 2023; with 9861 already sold for over $215 million earlier this month .

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