United States to Sell $117 Million Worth of Bitcoin Seized from Silk Road Trafficker

The United States has recently unveiled plans to sell approximately $117 million worth of Bitcoin seized from a convicted drug trafficker associated with the now-defunct Silk Road dark web marketplace. According to a forfeiture notice released earlier this month, the government intends to dispose of the cryptocurrency. This development comes on the heels of the sentencing of Ryan Farace, 38, and his father Joseph Farace, 72, both of Maryland, for their involvement in a money laundering conspiracy. The notice, which was made public on January 10, 2024, provides individuals other than the defendants a 60-day window to file a petition asserting a claim on the assets. Upon the court's resolution of any additional petitions or the expiration of the specified period without any filings, the United States will acquire clear title to the property, enabling the government to convey good title to any subsequent buyer or transferee.

Key Points:

• The United States plans to sell $117 million worth of Bitcoin seized from a convicted drug trafficker linked to Silk Road.
• A forfeiture notice was released earlier this month, signaling the government's intent to dispose of the cryptocurrency.
• Ryan Farace, 38, and Joseph Farace, 72, of Maryland, were sentenced for money laundering conspiracy.
• Interested parties, excluding the defendants, have 60 days to claim an interest in the forfeited assets.
• Upon the resolution of ancillary petitions or the expiration of the specified period, the United States will obtain clear title to the property, allowing for the transfer of good title to subsequent purchasers or transferees.