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

Odaily News The U.S. Marshals Service (USMS) failed to meet a Friday deadline to provide Sen. Cynthia Lummis with details about its handling of the Silk Road case involving bitcoins seized, according to people familiar with the matter.
Lummis wrote to the USMS last month expressing concerns about the agency's plan to sell about 69,370 seized bitcoins, worth more than $6.6 billion at current market prices, noting that it could result in financial losses for 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. At current market prices, these assets are worth more than $18.7 billion, and Lummis said they have a “potential loss of up to 98% in value.”
The letter also mentioned a recent court filing in which the Justice Department cited bitcoin price volatility as a reason to expedite the sale. 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 attempts to hold the agency accountable for past losses and ensure better decisions in the future. (Crypto Briefing)