US authorities have announced their intention to dispose of some of the digital currency related to the investigation of the Silk Road darknet site.
The US authorities reportedly plan to sell 2,934 BTC that were seized from individuals involved in drug trafficking, namely Ryan Faras, also known as Xanaxman, and Sean Bridges. At the time of the trial, the seized bitcoin was valued at around $133 million dollars.
However, due to the recent drop in the value of the underlying cryptocurrency, the assets are now valued at $117 million.
Xanaxman used the Silk Road platform to distribute illicit drugs. In 2018, #US law enforcement charged him with illegally selling a substance called Xanax. A few years later, authorities confiscated bitcoins from the drug trafficker, and Faras himself received a prison sentence.
In December 2023, a US appeals #court approved the seizure of 69,370 BTC seized in connection with the Silk Road case. The site's founder Ross Ulbricht, who participated in the trial as a defendant, is currently serving two life sentences plus 40 years without the possibility of parole.
Recall, earlier we reported on the hackers who managed to steal $32 million dollars through an automated fraud scheme.
