The United States Supreme Court refuses to hear a case filed by Battle Born Investments regarding the ownership of 69,370 Bitcoin ($4.32 billion) linked to the dark web marketplace Silk Road.
There have been legal disputes regarding the ownership of the 69,370 BTC seized by the United States government. Recall that the U.S. government confiscated most of the funds from James Zhong in 2022.
Courts Deny Battle Born’s Claim Over Silk Road Bitcoin
In the same year, a district court dismissed Battle Born’s claim that it purchased the right to the Bitcoin. According to the company, it obtained the right to the asset through a bankruptcy estate.
Despite providing screenshots of the wallet where the 69,370 Bitcoins were seized, the court still ruled that Battle Born’s arguments were inadequate.
Unsatisfied with the verdict, the company appealed the ruling in the U.S. Court of Appeals for the Ninth Circuit the following year. Similarly, the appellate court rejected the claim, finding that Battle Born’s argument was based on mere speculation.
Now, the apex court in the United States has declined to hear the case, potentially giving the government the green light to sell the Bitcoin.
Slim Odds of Reviewing Cases in Supreme Court
The Supreme Court’s decision is unsurprising, as it is strict in selecting cases it hears. Through the Certiorari Act of 1925, the U.S. Supreme Court can decide whether to hear a case.
Data from United States Courts show that the apex court hears about 100 to 150 cases out of the 7,000 cases filed annually. This indicates that the chances of having a case reviewed by the Supreme Court are low.
US Government Moves Silk Road Bitcoin Despite Legal Tussle
Meanwhile, the United States government has been moving the Silk Road-linked Bitcoin despite the legal tussle surrounding the assets.
In April, the government moved 31,799 BTC (worth $2.09 billion) to one of its wallets holding $13.1 billion worth of cryptocurrencies. The government transferred another 29,999 BTC to the same blockchain address three months later. At press time, the recipient address holds 203,239 BTC, currently valued at $12.72 billion.
With no legal hurdle stopping the U.S. government from selling the Silk Road-linked Bitcoin, there are concerns that the move could negatively impact the market. At press time, Bitcoin was trading at $62,409, reflecting a 24-hour decrease of 1.03%.
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Source: https://thecryptobasic.com/2024/10/08/supreme-court-gives-us-government-green-light-to-sell-4-38b-bitcoin-from-silk-road/?utm_source=rss&utm_medium=rss&utm_campaign=supreme-court-gives-us-government-green-light-to-sell-4-38b-bitcoin-from-silk-road