US Supreme Court Declines to Hear Case Involving the Ownership of 69,370 Bitcoin Seized from Silk Road Marketplace

This decision, made on Monday, allows the US government to dispose off the cryptocurrency worth $4.38 billion, which was seized in 2022.

The United States Supreme Court has declined to hear the case involving the ownership of 69,370 Bitcoin seized from the defunct Silk Road marketplace. This decision, made on Monday, allows the US government to dispose of the cryptocurrency, which was valued at $4.38 billion at the time of its seizure in 2022.

The case began when Battle Born Investments, a Nevada-based company, attempted to claim ownership of the confiscated Bitcoin. Battle Born alleged that it had purchased the rights from the bankruptcy estate of Raymond Ngan, who was identified by the company as “Individual X.” According to Battle Born, Ngan had stolen billions of dollars worth of Bitcoin from Silk Road before the government could seize them.

However, the federal court in California dismissed Battle Born’s claim in 2022, finding that there was no evidence to support the claim that Ngan was “Individual X.” This ruling was upheld by the federal appeals court in San Francisco, which ruled that Battle Born had no right to the Bitcoin in question.

With the Supreme Court’s decision to not accept the case, it appears that the legal battle over the ownership of the Bitcoin has come to an end. The US government is now able to proceed with its plan to sell off the cryptocurrency.

Earlier this year, the US government made several moves that seemed to indicate its intention to sell the seized Bitcoin. A substantial amount of Bitcoin linked to Silk Road was transferred to new wallets, which some parties have suggested points towards a sale by the government.

Additionally, a large portion of these Bitcoin was transferred to an address associated with Coinbase Prime, as part of an agreement between the US Marshals Service and the cryptocurrency exchange. Some of these movements have sparked concerns over the potential for market manipulation risks.

Historically, when governments have decided to sell off large amounts of Bitcoin, the value of the cryptocurrency has declined. For instance, after the German government disposed of almost 50,000 BTC earlier this year, there was a noticeable drop in Bitcoin prices. If the US goes ahead with the sale, the same pressure to push down the Bitcoin prices is anticipated.

The topic of what the U.S. government should do with seized Bitcoin has also become a subject of discussion on the political stage. In July, former President Donald Trump announced at a cryptocurrency conference in Nashville that he would maintain the policy of not spending the government’s Bitcoin if re-elected.

Moreover, Trump proposed creating a “strategic Bitcoin stockpile,” which would mark a departure from the current administration’s approach to handling cryptocurrencies. The former president’s position has raised the question of whether the government should continue to sell Bitcoin or keep it as an asset.

According to Bitcoin Treasuries, the US government currently has 203,239 BTC in its possession.

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