US Marshals Service Fails to Submit Report on Dealing with Dark Web Silk Road Seizures to Senator Lummis in Time

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Bitget2025/02/03 01:17

The US Marshals Service (USMS) failed to provide details to Senator Cynthia Lummis about its handling of bitcoin seizures in the dark web Silk Road case by a Friday deadline, according to people familiar with the matter.

Lummis wrote to USMS last month expressing concern about the agency's plan to sell about 69,370 seized bitcoins, which are worth more than $6.60 billion at current market prices. She pointed out that this could cause economic losses to taxpayers and conflict with the Trump administration's policy directives.

In her letter, she highlighted the agency's previous bitcoin sales, noting that it sold 195,092 bitcoins between 2014 and 2023 for only about $366 million. And at current market prices, these assets are worth more than $18.70 billion, with Lummis calling its "potential value loss as high as 98%."

The letter also mentioned a recent court document, which mentioned that the Department of Justice accelerated the sale process on the grounds of Bitcoin price fluctuations. She believes that despite legal challenges, the Department of Justice is still actively seeking liquidation, which is disturbing, especially during the presidential transition period.

The letter calls on USMS to increase transparency in Bitcoin asset management, including public disclosure of holdings. The letter also attempts to hold the institution accountable for past losses and ensure better decisions in the future.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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