US Plans to Sell Seized Bitcoins, a Big Crypto Sale

Imagine this: a massive stash of bitcoins, worth around $6. 4 billion today, is up for grabs. These aren't just any bitcoins; they were stolen from Silk Road, an illegal online marketplace, way back in 2012. The US Department of Justice (DOJ) got its hands on them in 2020, after a lengthy investigation. Now, a court has given the green light for the DOJ to sell off these 69, 370 bitcoins. The DOJ isn't doing this on a whim. They're worried about bitcoin's wild price swings and want to get rid of the assets before they lose value. But here's where it gets interesting. A company called Battle Born Investments had been fighting to get these bitcoins back. They believed the hacker who stole them might be connected to someone they had dealt with. After a legal tussle, the court decided the hacker's identity should stay secret, which means the DOJ can go ahead with the sale. It's a big deal because bitcoin's price can change dramatically. The DOJ wants to sell while the price is high, but critics worry about the impact on the crypto market. Will this sale affect former President Trump's plans to create a crypto reserve? Only time will tell.

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