The U.S. Supreme Court just shut the door on a case tied to 69,370 Bitcoin, worth a hefty $4.38 billion. These funds were originally snagged from the notorious dark web marketplace, Silk Road. This ruling hands the government a green light to move forward with selling the Bitcoin, causing crypto heads to brace for ripple effects.
The Battle Born Bitcoin Claim
Battle Born Investments tried their hardest to grab that bag. They believed they had legit rights to the Silk Road Bitcoin because of a bankruptcy estate purchase. In a curious twist, they even pointed fingers at a debtor, Raymond Ngan, claiming he was none other than “Individual X,” the phantom who yoinked billions of dollars from Silk Road.
But this theory didn’t sit right with the courts. Both district and appeals judges shut it down. By 2023, the San Francisco appellate court had tossed Battle Born’s case, leaving the company with empty hands. This latest rejection from the Supreme Court means the government’s civil forfeiture process is back in full swing. It’s game on for a BTC liquidation, a move that could send market-watchers into a frenzy.
Gov Moves Bitcoin But the Market Trembles
So, what happens now? The U.S. government already shifted nearly $2 billion worth of Silk Road Bitcoin in July, using the U.S. Marshals Service to handle custody with help from Coinbase Prime. Every time a government unloads a massive Bitcoin stash, it tends to jolt the market. Germany pulled a similar move earlier this year, selling 50,000 BTC, which rocked crypto prices. So, you can bet crypto traders are eyeing this sell-off closely.
It gets spicy when politics come into play. Trump, running for president, has a wild card up his sleeve. He promised to stack Bitcoin in a “strategic reserve” if he takes the White House again. On the flip side, Kamala Harris has stayed totally silent on her plans for Bitcoin and seized assets. And let’s not forget Silk Road creator Ross Ulbricht, who still sits behind bars, while Trump has pledged to set him free if elected.
Leave a Reply
You must be logged in to post a comment.