US Government to Sell Confiscated Silk Road Bitcoin Stash

The US government plans to sell 41,490 BTC, worth $1.17 billion at current exchange rates, in 2023, according to a court filing submitted in the case of James Zhong’s sentencing. The government confiscated over 50,000 BTC from Zhong in November 2022. The court document notes that the government has already sold 9,861 BTC from the Ulbricht case for $215,738,154.98. The remaining 41,490 BTC is expected to be liquidated in four more batches over the course of this year. The US government currently holds 205,515 BTC, and after the sale, it will still have 164,025 BTC, worth $4.65 billion.