US Marshals Service Failed to Submit Timely Report to Senator Lummis on Handling of Bitcoin Seized from Silk Road

Odaily Planet Daily News According to people familiar with the matter, the U.S. Marshals Service (USMS) failed to provide Senator Cynthia Lummis with detailed information about its handling of the dark web Silk Road case by last Friday's deadline. Lummis wrote to the USMS last month, expressing concerns about the agency's plan to sell about 69,370 seized bitcoins, which are worth more than $6.6 billion at current market prices. She pointed out that this could cause financial losses to taxpayers and conflict with the policy directives of the Trump administration. In her letter, she highlighted the agency's previous bitcoin sales, noting that it only received about $366 million from the sale of 195,092 bitcoins between 2014 and 2023. At current market prices, these assets are worth more than $18.7 billion, and Lummis called them "potential value losses of up to 98%." The letter also mentioned a recent court document, mentioning that the Department of Justice accelerated the sale process on the grounds of bitcoin price fluctuations. She believes it is disturbing that the Justice Department is actively pursuing liquidation despite legal challenges, especially during the presidential transition. The letter calls on the USMS to increase transparency in the management of Bitcoin assets, including public disclosure of holdings. The letter also seeks to hold the agency accountable for past losses and ensure better decisions in the future. (Crypto Briefing)