Uncle Sam made off with more than $215 million this month when he began liquidating portions of the seized bitcoins.
The United States government has been selling bitcoins seized from the Silk Road case in 2013.
according to a court file, the government sold 9,861.1707894 Bitcoin on March 14, 2023, for a total of $215,738,154.98. After transaction fees, the net income to the government was $215,522,416.83. The government also revealed that there are still around 41,490.72 bitcoins left to sell, which they plan to sell in four more batches over the course of this year.
The government has previously auctioned off bitcoin, opting instead to proceed with sales on the open market this time.
Silk Road was a dark web marketplace used to sell drugs, among other services. Ross Ulbricht, the founder of Silk Road, was convicted in 2015 and sentenced to life in prison. Ulbricht is now seeking clemency, as a double life sentence without parole on completely non-violent charges illustrates the government’s desire to make an example of those who build rigs outside their jurisdiction.
Bitcoin Magazine recently opened an art gallery in Nashville, Tennessee, which currently houses a life-size exhibit of Ross Ulbricht in a prison cell, including art Ulbricht did in prison, as well as Ulbricht’s writing.
Bitcoin price action of late has been exciting for those who saw it plunge from all-time highs of $69,000 to local lows of less than $16,000. While the government has been selling bitcoin, other institutions like MicroStrategy have been acquiring it.
