U.S. Supreme Court Declines to Hear Case on $4.38 Billion Bitcoin Seized from Silk Road

U.S. Supreme Court Declines to Hear Case on $4.38 Billion Bitcoin Seized from Silk Road

The United States Supreme Court has refused to hear a case involving 69,370 Bitcoin, worth $4.38 billion, seized from the Silk Road dark web marketplace. The decision blocks Battle Born Investments' efforts to claim ownership of the Bitcoin, which they argued was acquired through a bankruptcy estate.

Despite the firm's assertions that the Bitcoin was linked to Raymond Ngan, an individual tied to Silk Road, the courts have consistently ruled against Battle Born. In 2022, a district court rejected the firm's claims, followed by an appeals court ruling in 2023. With the Supreme Court's refusal to review the case, the U.S. government's control over the Bitcoin remains intact, opening the door for potential sale of the assets.

This decision follows a series of government actions, including the U.S. Marshals Service's management of a significant transfer of Bitcoin earlier this year. The government has a history of selling seized cryptocurrency, with large transactions like Germany’s recent sale of 50,000 Bitcoin contributing to market volatility.

The future of the seized Bitcoin remains uncertain, but U.S. presidential candidate Donald Trump has suggested creating a "strategic Bitcoin stockpile" if elected. Meanwhile, the Democratic candidate Kamala Harris has yet to announce her stance on handling seized digital assets.

Silk Road, a notorious online marketplace founded by Ross Ulbricht, facilitated illegal transactions before its shutdown. Ulbricht is currently serving a life sentence, and Trump has hinted at the possibility of commuting his sentence if he wins the presidency.