Supreme Court Clears U.S. to Sell $4.38 Billion in Seized Silk Road Bitcoin

On October 7, the U.S. Supreme Court rejected an appeal from Battle Born Investments, effectively allowing the government to proceed with the sale of 69,370 Bitcoin, currently valued at $4.38 billion. The Bitcoin was confiscated from the Silk Road dark web marketplace, once a hub for illicit transactions.

Battle Born Investments had claimed rights to the Bitcoin, alleging that it acquired them from a bankruptcy estate tied to Raymond Ngan, who they believed to be “Individual X,” the person behind the massive theft of Bitcoin from Silk Road. However, a federal court in California ruled that Ngan was not “Individual X” and dismissed the claim. The decision was later upheld by the Ninth Circuit Court of Appeals in San Francisco. With the Supreme Court’s refusal to hear the case, the legal dispute has now reached its conclusion.

The U.S. government is expected to move forward with liquidating the assets. Recent transfers of the cryptocurrency to new wallets indicate preparations for the sale, with Coinbase Prime likely managing the assets through a custody agreement with the U.S. Marshals Service. 

This decision marks a significant chapter in the ongoing legal saga surrounding the Silk Road and its legacy in the cryptocurrency world.