US files intent to dispose $117 million in bitcoin seized from Silk Road drug dealer
Powered by @unfolded- The U.S. government has filed a notice to sell $117 million worth of bitcoin seized from dark web drug dealer Ryan Farace and another individual.
- The bitcoin was seized in 2021, and the government plans to dispose of nearly 2,875 bitcoin seized from Farace and Sean Bridges, in addition to roughly 59 bitcoin that belonged to Farace alone.
- Ryan Farace, known as Xanaxman, used Silk Road to distribute drugs in exchange for bitcoin, and he has been sentenced to prison for money laundering conspiracy.
- The U.S. government has stated that anyone wishing to claim interest in the forfeited property can do so within 60 days, and market watchers are closely monitoring the potential impact of a large sale of bitcoin by the government on the cryptocurrency's price.