Feds moving quickly to cash in on seized bitcoin, now worth $8.4 million

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A federal judge in Utah has agreed to let the US government sell off a seized cache of more than 513 bitcoins (BTC) and 512 Bitcoin Cash (BCH). At current prices, that would yield approximately $8.4 million for the bitcoins and nearly $1 million for the BCH.

In a court filing, prosecutors noted that due to the volatility of the Bitcoin market, both coins risk losing value. Both the BTC and the BCH have already been transferred to government-controlled wallets.

The new round of seized digital currency belonged to a Utah man named Aaron Shamo, who prosecutors say led a multimillion-dollar ring of counterfeit pharmaceuticals, including oxycodone and alprazolam that were sold on Dark Web marketplaces. Shamo was arrested over a year ago-his trial has not yet been scheduled.

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