[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"d2f056e6-024f-4cfc-9a05-e69cdcd59608","updated_at":"2023-03-31T18:49:06.642396+00:00","account":{"firstName":"Akash","lastName":"Kashyap"},"description":"On March 14, the US Government sold 9,861 Bitcoin linked to Silk Road. The remaining 41,490 BTC will be sold in four batches throughout 2023.","sapo":"On March 14, the US Government sold 9,861 Bitcoin linked to Silk Road. The remaining 41,490 BTC will be sold in four batches throughout 2023.","title":"US Government to Sell $1.16 Billion Worth of Bitcoin Connected to Silk Road","content":"

The US Government has reportedly sold 9,800 BTC on March 14, with plans to sell an additional 41,500 BTC connected to Silk Road in four batches over the course of this year.

What is Silk Road?

Silk Road was a notorious online marketplace that was active from 2011 to 2013. It operated on the dark web, which is a part of the internet that is not indexed by search engines and is only accessible through specialized software or configurations. The Silk Road was primarily used for the sale of illegal goods and services, including drugs, weapons, and stolen personal information.

The transactions on Silk Road were conducted using Bitcoin, which provided a degree of anonymity for both buyers and sellers. The founder and operator of Silk Road, Ross Ulbricht, who went by the pseudonym "Dread Pirate Roberts," was eventually arrested and convicted for his role in the operation.

The US government seized the Silk Road's Bitcoin holdings in 2013 as part of their investigation and prosecution of Ulbricht. The government has been selling off the seized Bitcoin in batches over the years, with the most recent sale involving 9,800 Bitcoin and plans to sell an additional 41,500 Bitcoin.

What is the amount of Bitcoin that the US Government seized from Silk Road?

The US Government seized a total of 144,336 Bitcoin from the Silk Road darknet marketplace in 2013. Since then, the government has been auctioning off the seized Bitcoin in batches over the years. The most recent sale involved 9,800 Bitcoin, and the government plans to sell an additional 41,500 BTC in four batches throughout 2023. It's worth noting that the government's sales of the seized Bitcoin are often conducted through a closed bidding process, and the exact amount and value of the Bitcoin sold may not be disclosed publicly.

At the time of the Silk Road seizure, Bitcoin was the most popular cryptocurrency, and Ethereum had not yet been created. This may be why the US Government only seized and sold Bitcoin, as it was the primary currency used on Silk Road.

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US Government to Sell $1.16 Billion Worth of Bitcoin Connected to Silk Road

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