US plans to sell $117m worth of seized bitcoins

The United States government has announced plans to sell approximately $117 million worth of bitcoin seized from a convicted drug dealer operating on the shuttered darknet marketplace Silk Road. A forfeiture notice from earlier this month has now been published online, with the government saying it plans to "dispose" of the cryptocurrency. The notice follows the convictions of Ryan Farace, 38, and Joseph Farace, 72, both of Maryland, for money laundering conspiracy. According to the U.S. Department of Justice, the U.S. government has managed to recover more than 2,933 bitcoins from the Farace family, which are currently worth approximately $117 million.