U.S. to Sell $117 Million in Bitcoin Seized From Silk Road Drug Trafficker

The United States has unveiled plans to auction around $117 million worth of Bitcoin confiscated from a convicted drug trafficker linked to the notorious Silk Road dark web marketplace. Ryan Farace, previously convicted for drug-related charges, was sentenced earlier this month.

According to their guilty pleas and other court documents, in November 2018, Ryan Farace was convicted in U.S. District Court in Maryland for a scheme to manufacture and distribute [Xanax] in exchange for Bitcoin through sales on darknet marketplaces.

Source: Department of Justice Press Release

The government aims to “dispose” of the seized Bitcoin, totaling over 2,933 BTC, with a value of about $117 million today. Farace, operating under the alias Xanaxman, had earned over 9,138 Bitcoin, valued at approximately $364 million, for illegal transactions.

Airdrop Season: Protocols Offer $700M in Token Airdrops Over a Week

In the crypto space, it’s a season of airdrops, with AltLayer leading the way by initiating a $100 million token airdrop. The Ethereum scaling solution distributed 300 million ALT tokens at an average daily price of $0.32.

Dymension and Jupiter are set to follow suit with airdrops worth $210 million and $410 million, respectively. Crypto users are advised to exercise caution amid increasing scam attempts on platforms like X.

Celsius Moves a Massive $1B in Ethereum to CEXs: Repayments Incoming?

Celsius, a bankrupt crypto lending platform, recently shifted a significant amount—443,961 ETH, valued at $984 million—to centralized exchanges. Speculations arise about potential repayments to creditors starting in mid-February.

Celsius has been strategically moving assets to ensure liquidity and timely distributions to creditors. ETH prices have remained stable, but the crypto community anticipates developments as the distribution window approaches.


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