US Government Sold $215M in Bitcoin from Silk Road Case

• The US government recently sold bitcoin confiscated from the Silk Road case in 2013, raising $215.7 million in proceeds.
• Ross Ulbricht, the founder of the Silk Road, was convicted in 2015 and is currently serving a life sentence without parole for non-violent charges.
• Bitcoin has been volatile lately, with some institutions buying while others are selling.

About the Silk Road

The Silk Road was a darknet marketplace used to sell drugs and other services. Its founder Ross Ulbricht was sentenced to life in prison without parole for nonviolent charges.

US Government Sale of Bitcoin

The United States government recently sold 9,861.1707894 Bitcoin from their confiscated Silk Road funds on March 14th 2021 for a total of $215,738,154.98 netting them $215,522,416.83 after transaction fees. There are still another 41,490.72 Bitcoin left that they plan on selling over the course of this year through open market sales instead of auctions as previously done with some of their holdings.

Ulbricht’s Clemency Plea

Ross Ulbricht is now seeking clemency due to his double life sentence for entirely nonviolent charges which many see as an example set by the government against those who build platforms outside their jurisdiction. To support Ulbricht’s case, Bitcoin Magazine opened an art gallery featuring a life-size jail cell exhibit made up of art he created in prison and writings from him as well.

Bitcoin Price Action

Bitcoin’s price action has been turbulent lately falling from its all-time high of $69 thousand to lows below $16 thousand dollars while institutions such as MicroStrategy have been acquiring it while others like the US government have been selling it off bit by bit through its holdings since 2013’s Silk Road case sale which raised 215 million dollars after transaction fees were taken out..

Conclusion

The US government sale of bitcoin confiscated from the Silk Road case highlights just how volatile cryptocurrency can be with prices soaring and plummeting at any given time while also bringing attention to cases such as Ross Ulbricht who is currently serving a double life sentence without parole for entirely non-violent charges which he hopes will be commuted soon due to his plea for clemency supported by those around him both inside and outside prison walls