Informed Crypto News
Supreme Court won’t stop sale of 69,370 Silk Road bitcoins
Headline, Supreme Court won't stop sale of 69,370 Silk Road bitcoins, published at 5 21 p.m. UTC, October 7, 2024, on protos.com. The nine-month U.S. Supreme Court term began this month, and it's already impacting the crypto industry. Today, in an announcement of the lawsuits that the justices have agreed to hear during this term, the highest U.S. court declined to hear an appeal regarding 69,370 bitcoins associated with the Silk Road. With the justices' denial to hear an appeal of battle-borne investments at Al-Dott v. United States, a 2022 ruling from the U.S. District Court, Northern District of California, will probably prevail. Because the lower court ordered the U.S. government to "dispose of the forfeited defendant property according to law," the U.S. Marshals or another agency might soon have court instructions for liquidating a massive seizure of bitcoin once stolen from the Silk Road. In short, the Supreme Court's denial of certiorary, a Supreme Court appeal, effectively removes a hold on the sale of $4.4 billion worth of bitcoin. Subheading Supreme Court won't intervene in this bitcoin dispute. Battle-borne investments purchased bankruptcy claims after the 2013 collapse of Ross Ulbricht's dark web marketplace Silk Road. Specifically, Battle-borne claims to own bitcoin seized from Individual X. That Individual X stole from Silk Road. The wallet in dispute is one HQ3G, O3GGS 8P, FNX, UHV, HRYT, PCQ, 5FGG, 8HBHX, which is now emptied and in the custody of the U.S. government pending court instructions. Battle-borne had requested certiorary of its claim to be an innocent owner of all of the defendant property pursuant to its status as the purchaser of the bankruptcy estate. However, because the nine justices will not hear that case this term, that forfeiture order from the U.S. District Court will likely prevail. Although there are a few more formalities and legal checks that need to occur before the U.S. government will actually sell the bitcoin, it's possible that the U.S. marshals might auction off several additional billions of dollars as a result of the Supreme Court denial. This recording was AI-generated, get more crypto news at Prodos.com.