The US Supreme Court Denies Battle Born's Case on 69,370 Silk Road Bitcoins
The US Supreme Court has rejected Battle Born Investments' plea to review the Ownership of 69,370 Bitcoin seized by the US government from the dark web Marketplace Silk Road. The company had claimed rights to the seized Bitcoin, now valued at $4.38 billion, through a bankruptcy estate.
Background of the Case
Battle Born Investments had initially requested a review of previous rulings on the Ownership of the Bitcoin. However, the Supreme Court's decision not to hear the case indicates that the US government's civil forfeiture action is more likely to succeed, allowing for the potential sale of the seized cryptocurrency. In July, the US government transferred approximately $2 billion worth of the Silk Road-linked Bitcoin to the Marshals Service, which uses Coinbase Prime for custody of seized cryptocurrencies.
Legal Battles
Despite Battle Born's efforts to assert ownership of the Bitcoin, both a district court in 2022 and an appeals court in 2023 ruled against the company. A San Francisco appellate court judge stated during a hearing that Battle Born did not have a valid claim to the Cryptocurrency haul.
Ross Ulbricht, the founder of Silk Road, is currently serving a life sentence for various charges, including conspiracy to commit money laundering and distribution of narcotics. The Silk Road marketplace was shut down in 2013.
Next Steps for the Seized Bitcoin
Following the Supreme Court's decision, the US government's civil forfeiture action is expected to progress, potentially leading to the sale of the 69,370 Bitcoin. The cryptocurrency Market will be closely watching for updates on how the seized assets will be handled and whether they will be auctioned off in the future.
Conclusion
The Supreme Court's refusal to hear Battle Born's case on the ownership of the Silk Road Bitcoin marks a significant Development in the legal saga surrounding the seized cryptocurrency. As the US government moves forward with its civil forfeiture action, the fate of the 69,370 Bitcoin remains uncertain. Stay tuned for further updates on this evolving story.
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