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The United States government plans to liquidate more than 41,000 Bitcoin (BTC<\/a>)\u00a0seized as part of a case connected to Silk Road creator Ross Ulbricht.<\/p>\n A March 31 filing with U.S. District Court for the Southern District of New York regarding the sentencing of James Zhong stated U.S. government authorities had begun liquidating roughly 51,352 BTC\u00a0seized in the Ulbricht case. According to the filing, officials sold roughly 9,861 BTC for more than $215 million on March 14, leaving roughly 41,491 BTC.<\/p>\n \u201cThe Government understands [the seized Bitcoin] is expected to be liquidated in four more batches over the course of this calendar year,\u201d said the court filing. \u201cThe Government understands from IRS Criminal Investigation – Asset Recovery & Investigative Services that the second round of liquidation will not be sold prior to Zhong\u2019s sentencing date.\u201d<\/p>\n In November, Zhong pled guilty to wire fraud charges related to executing a scheme to steal Bitcoin from Silk Road in 2012. U.S. authorities seized more than 50,000 BTC \u2014 worth more than $3 billion at the time \u2014 from his Georgia home in November 2021. It was one of the largest crypto seizures by the government until the February 2022 recovery of roughly $3.6 billion<\/a> connected to the 2016 Bitfinex hack.<\/p>\n Related: <\/em><\/strong>Silk Road Bitcoin for sale? US government-linked addresses transfer $1B in BTC<\/em><\/strong><\/a><\/p>\n The Silk Road marketplace, which has been defunct for 10 years, originally allowed users to buy and sell illicit goods, including weapons and stolen credit card information. However, the marketplace also drew the attention of U.S. authorities, who arrested Ulbricht in 2013. He is currently serving two life sentences without the possibility of parole.<\/p>\n I was arrested at the age of 29 and today I turn 39. I\u2019ve lost my 30s to prison. <\/p>\n During that time, I\u2019ve done my best to learn from my mistakes, better myself, and help others do the same. <\/p>\n I hope someday I can make amends as a free man as well.<\/p>\n \u2014 Ross Ulbricht (@RealRossU) March 27, 2023<\/a><\/p><\/blockquote>\n The price of BTC has had a volatile month<\/a>, dipping below $20,000 on March 10 and moving above $29,000 on March 29. At the time of publication, BTC\u2019s price was $28,378.<\/p>\n Magazine: <\/em><\/strong>US enforcement agencies are turning up the heat on crypto-related crime<\/em><\/strong><\/a><\/p>\n <\/p>\n<\/div>\n\n