The U.S. authorities has been allowed to liquidate a complete of 69,370 Bitcoins that had been seized from the now-defunct Silk Highway market.
The claimants (Battle Born Investments Firm, First 100, and 1st One Hundred Holdings) had been making an attempt to pause enforcement of the judgment on this case.
They argued that it was essential attributable to pursuing one other lawsuit that was searching for to compel the U.S. Division of Justice that was meant to drive the U.S. Division of Justice to disclose the identification of “Particular person X,” the unknown hacker who helped to forfeit the Bitcoins stolen from Silk Highway to the U.S. authorities.
The mysterious determine hacked Silk Highway greater than a decade in the past and was allegedly threatened by jailed founder Ross Ulbricht.
Battle Born Investments Firm and different claimants wished to reveal the identification of that determine by counting on the Freedom of Data Act (FOIA).
Nevertheless, america District Court docket for the Northern District of California ended up ruling in favor of the federal government.
The ruling signifies that the federal government can transfer ahead with liquidating the confiscated Bitcoin fortune.
This attainable promoting strain is prone to make issues a lot worse for Bitcoin bulls who’re at the moment struggling to revive their momentum.
On Wednesday, the Bitcoin value plunged to an intraday low of $92,938. The cryptocurrency is at the moment altering arms at $94,312 on the Bitstamp change.