US will auction confiscated bitcoin from Silk Road

The U.S. government reported that it will auction more than $130 million in Bitcoin

The U.S. government reported that it will auction more than $130 million in Bitcoin, which were seized during the investigations against the trading platform Silk Road.

The notice was made on the website of the U.S. Department of Justice, where authorities indicate that they will put on sale two lots of confiscated bitcoins on that occasion: The first of them has about 2,800 bitcoins valued at almost 129 million dollars, and the other smaller one has about 58 BTC worth about 3 million.

These BTC lots were owned by Ryan Farace, one of the people arrested and prosecuted in 2018 as part of the Silk Road investigation, who was charged with conspiring and laundering Bitcoin funds used for drug trafficking.

Investigations revealed that Farace and his father carried out activities to launder more than 2,874 BTC, which they tried to send to an unknown person for the purpose of exchanging them for fiat and transferring them to an offshore account.

This discovery contradicted his testimony, as he claimed that while working for Silk Road he never had contact with BTCs related to the platform’s operations on the Dark Web.

K. Tovar

Source: Diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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