Originally published on: October 08, 2024
The United States Supreme Court has made a decisive move by refusing to hear a case involving the ownership of a staggering 69,370 Bitcoin, valued at $4.38 billion, seized from the infamous dark web marketplace Silk Road.
Battle Born Investments, the company claiming rights to the seized BitcoinBTC, filed a request for review, citing their purchase through a bankruptcy estate.
Despite losing their argument in a district court in 2022 and an appeals court in 2023, Battle Born persisted with their claim. However, their efforts were quashed by a San Francisco appellate court judge last year, ruling against their valid ownership of the BTC.
With the US Supreme Court declining to take on the case, the path seems clear for the US government to proceed with the sale of the stack of Bitcoin, further cementing their civil forfeiture action.
The US government has already made significant moves by transferring approximately $2 billion worth of Silk Road-linked Bitcoin in July, utilizing the services of the Marshals Service in partnership with Coinbase Prime for cryptocurrency custody.
The decision by the top US court paves the way for potential market volatility as governments offload large amounts of Bitcoin. A recent example is the German government selling over 50,000 Bitcoin worth $3.15 billion in a matter of weeks in June and July.
The future of the seized coins remains uncertain, with Republican presidential candidate Donald Trump suggesting the creation of a “strategic Bitcoin stockpile” if elected. On the other hand, Democrat candidate Kamala Harris has yet to announce her stance on cryptocurrency seized by the US.
The story of Silk Road, founded by Ross Ulbricht in 2011, continues to captivate audiences, with Ulbricht currently serving a life sentence for various criminal offenses related to the platform.
In a tantalizing twist, Trump has hinted at the possibility of releasing Ulbricht from prison if he emerges victorious in the upcoming election on Nov. 5.
For more intriguing tales like this one, delve into our magazine feature on the Silk Road hacker’s $3.4 billion Bitcoin stash hidden in a popcorn tin.
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