Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»EXCHANGE NEWS»U.S. government plans to auction $117 million worth of Silk Road Bitcoin
EXCHANGE NEWS

U.S. government plans to auction $117 million worth of Silk Road Bitcoin

By Crypto FlexsJanuary 28, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
U.S. government plans to auction 7 million worth of Silk Road Bitcoin
Share
Facebook Twitter LinkedIn Pinterest Email

The U.S. Department of Justice recently filed a notice of intent to sell 2,933 bitcoins seized from convicted Silk Road dealer Ryan Farace. The current value of BTC is approximately $117 million and is expected to be auctioned in the near future.


TLDR

  • The U.S. government plans to sell approximately $117 million worth of Bitcoin seized from convicted Silk Road drug trafficker Ryan Farace.
  • Farace was previously convicted in 2018 of selling Xanax on dark web marketplaces like Silk Road and receiving more than 9,000 bitcoins in the transaction.
  • Farace claimed he no longer had access to the bitcoins, but while in prison he worked with his father Joseph to transfer nearly 2,900 bitcoins to his accomplices.
  • The government recovered 2,900 bitcoins, currently worth about $117 million, from Faraces.
  • Some of the bitcoins were also linked to Shaun Bridges, a former Secret Service agent who stole bitcoins during the Silk Road investigation.

Farace was previously convicted in 2018 of conspiring to rake in 9,000 bitcoins from buyers by selling Xanax under the name “Xanaxman” on dark web marketplaces like the infamous Silk Road. After confiscating 24 bitcoins, worth about $16 million at the time, to authorities, Farace claimed he no longer had access to his cryptocurrency funds while incarcerated.

But federal officials discovered that Farace was conspiring with his father, Joseph, to secretly transfer approximately 2,900 bitcoins out of the country to an accomplice. The conspiracy included illegal use of cell phones for coordination while Farace was in prison. Officials intercepted their communications and recovered the Bitcoin, which has now soared in value to about $117 million.

Both Faraces pleaded guilty to money laundering conspiracy charges. Ryan Farace was sentenced to more than four years in federal prison, and his father was sentenced to 19 months.

Some of the bitcoins originated from Shaun Bridges, a former Secret Service agent who abused his position on the Baltimore Silk Road Task Force to steal bitcoins from site administrators. Bridges was convicted in 2015 and agreed to forfeit stolen cryptocurrency, estimated at the time to be worth $800,000. That amount would be worth over $36 million today.

With no other claims filed for the assets within the allotted 60-day period, the government now has full authority to sell the nearly 3,000 bitcoins combined at auction. The liquidation could put additional downward pressure on the Bitcoin price, which has already fallen significantly in recent weeks.

The high-profile sales include Silk Road, once the Internet’s largest dark web marketplace for illegal drugs and other illicit activities, and cryptocurrencies derived from corruption in law enforcement.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The Etther Leeum Foundation supports the Tornado Cash Dev for $ 500K.

June 14, 2025

Ether Lee Price Eye $ 3K milestone -Momentum is built as the buyer returns.

June 11, 2025

Bitcoin prices rise again. Are Bulls charging for the new high?

June 10, 2025
Add A Comment

Comments are closed.

Recent Posts

The Etther Leeum Foundation supports the Tornado Cash Dev for $ 500K.

June 14, 2025

How to implement encryption for B2B repetitive revenue and payment?

June 14, 2025

How to claim vault12 promotional code for Android and iOS

June 13, 2025

How Locals Went From Ordinary People To Billionaires, And You Can Do It Too!

June 13, 2025

Seize The Opportunity! Fans Hash Is Giving Away $500 For A Limited Time To Help You Easily Unlock Crypto Wealth And Open A New Chapter Of Wealth.

June 13, 2025

Portfolio construction for Q3: The reason for combining chainlink (link) and pol (EX-MATIC) can be a victory strategy.

June 13, 2025

Polemos Announces TGE And A Game-Changing Strategic Partnership With BUFF Accelerating Web3 Adoption

June 12, 2025

​Bitpanda Opens The Gate To Web3 With Vision (VSN)

June 12, 2025

New USDT/USDC Stablecoin Mining Platform Launches — Secure, Flexible, And High-Yield DeFi Opportunity

June 12, 2025

SEC Approves Ethereum ETF, Will XRP And DOGE Be The Next Tipping Point? Is Cloud Computing The Next Investment Holy Grail?

June 12, 2025

Bank of America’s eyes among the Senate’s fast tracking genius acts

June 12, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The Etther Leeum Foundation supports the Tornado Cash Dev for $ 500K.

June 14, 2025

How to implement encryption for B2B repetitive revenue and payment?

June 14, 2025

How to claim vault12 promotional code for Android and iOS

June 13, 2025
Most Popular

Ethereum up 8%: A profitable week for these investors

July 16, 2024

Solana trader went from $10,000 to $10 million in one day, invested $100,000 in ETFSwap presale – Blockchain News, Opinions, TV & Jobs

April 26, 2024

Bitcoin price rebounds above $63,000 ahead of US CPI data

May 13, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.