Summary
The U.S. government plans to dispose of around $117 million worth of bitcoin seized in a dark web drug bust. The bitcoin was seized from Ryan Farace and Sean Bridges in 2021, and the government intends to sell it as directed by the Attorney General. Farace was charged with illegally selling Xanax on the dark web and admitted to using Silk Road. Those interested in claiming the forfeited bitcoin can do so within 60 days. This announcement has sparked speculation about the impact on the cryptocurrency’s price.
Key Points
1. The U.S. government plans to dispose of approximately $117 million worth of bitcoin seized in a dark web drug bust, according to a notice filed by the government.
2. The seized bitcoin, which amounted to nearly 2,875 bitcoin seized from Ryan Farace and Sean Bridges in 2021, as well as an additional roughly 59 bitcoin belonging to Farace alone, was valued at around $133 million at the time of the filing.
3. Ryan Farace, who operated under the pseudonym “Xanaxman,” pleaded guilty to illegally selling Xanax on the dark web and admitted to using Silk Road, a notorious dark web marketplace. Farace and his father Joseph Farace were also sentenced for money laundering conspiracy.