The US Supreme Court has given the US Marshal Service the green light to proceed with the sale of 69,370 Bitcoin (BTC) confiscated from the notorious Silk Road marketplace.
This decision follows the court's refusal to entertain an appeal from Battle Born Investments challenging the government’s ownership of the seized assets.
On Monday, the Supreme Court declined to hear the appeal from Battle Born Investments, effectively upholding a 2022 ruling by the US District Court for the Northern District of California. That ruling stated that the government acted within its rights to liquidate the seized Bitcoin.
Battle Born Investments argued that it had acquired rights to the Bitcoin through a bankruptcy estate related to Silk Road. The Nevada-based lender contended that it should have ownership of the seized digital assets.
The sale of the seized Bitcoin is expected to have significant implications for the Bitcoin market. Industry analysts are closely watching how this influx of Bitcoin will affect prices and market dynamics.
