The United States has announced plans to sell about $117 million worth of Bitcoin seized from a convicted drug trafficker who operated on the now-shuttered Silk Road dark web marketplace.

A forfeiture notice from earlier this month is now available online, with the government noting that it plans to “dispose” of the cryptocurrency. The notice follows sentencing earlier this month for 38-year-old Ryan Farace and his 72-year-old father Joseph Farace, both of Maryland, for the charge of money laundering conspiracy.

“The United States hereby gives notice of its intent to dispose of the forfeited property in such manner as the United States Attorney General may direct,” it reads, giving people other than the defendants in the case 60 days (from January 10, 2024) to file a petition claiming an interest in the assets.

“Following the Court’s disposition of all ancillary petitions filed, or if no such petitions are filed, following the expiration of the period specified above for the filing of such ancillary petitions, the United States shall have clear title to the property and may warrant good title to any subsequent purchaser or transferee,” the notice reads.

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Author: Andrew Hayward

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