Nearly 10,000 Silk Road Bitcoin Were Sold by The U.S. Government

A court document states that on March 14th, 2023, the U.S. government sold 9,861.1707894 Bitcoin for a sum of $215,738,154.98. 

After transaction costs, the government received a profit of $215,522,416.83. The government also disclosed that there are still about 41,490.72 Bitcoin left to be sold, which they intend to sell over the course of this year in four additional batches.

The government has previously sold Bitcoin through auctions, but will instead sell it directly on the open market.

A darknet marketplace called The Silk Road was used for trading drugs as well as other services. The Silk Road’s creator, Ross Ulbricht, was convicted in 2015 and given a life sentence for a number of charges tying him to the marketplace.

Ulbricht is now requesting clemency based on the non-violent charges.