US Appeals Court Officially Authorizes US Government to Seize 69,370 BTC in the “Silk Road Case” with Subsequent Disposition Garnering Significant Attention

US Appeals Court Officially Authorizes US Government to Seize 69,370 BTC in the "Silk Road Case" with Subsequent Disposition Garnering Significant Attention

US Appeals Court Officially Authorizes US Government to Seize 69,370 BTC in the "Silk Road Case" with Subsequent Disposition Garnering Significant Attention

The United States Court of Appeals officially authorized the confiscation of 69,370 bitcoins and other cryptocurrency proceeds associated with the now-defunct dark web market Silk Road. This judgment was initially made in August and was officially announced this week.

The US Department of Justice began seizing and seeking formal confiscation of these cryptocurrencies in 2020 when their value was approximately $1 billion. Today, their value has more than tripled.

After the US government confiscated these cryptocurrencies, it may trigger speculation about the future disposal of these assets in the market. If the government chooses to sell these bitcoins, it may cause short-term price fluctuations in the market.