Hideo Nakamura The U.S. government recently announced plans to sell off 41,490 bitcoin that were stolen by James Zhong from the Silk Road marketplace. This plan will be carried out over the course of this year (2023).
US Government to Sell $1
The US government has a lot of bitcoin, and it plans to sell nearly 42,000 BTC in 2023. This all came from an historic seizure the government did in November 2022 when it was confiscating bitcoin from someone named James Zhong. He was guilty of stealing over 50,000 BTC from a website called Silk Road on the dark web in September 2012.
Recently, CryptokenTop News reported that the U.S. government has 205,515 Bitcoin (BTC). On Friday, the authorities said they will sell at least 41,490 BTC which would be worth $1.17 billion based on today’s exchange rates.
The document that the court looked at said that when it came to a case with Judge Schofield, the government began selling some Bitcoin worth a total of 51,351.89785803 in order to make money for itself. On March 14th of 2023, 9,861.1707894 Bitcoin was sold, which turned into 215,738,154.98 dollars.
A firm that tracks BTC transactions called Glassnode noticed that almost 10,000 Bitcoin were sent to a marketplace and sold over the same period. There is still about 41,500 Bitcoin remaining from this case which is expected to be sold out in 4 more batches throughout this year.
Glassnode has noticed that a big chunk of money was sent to Coinbase, which means it will be different from how the U.S. government usually gets rid of bitcoin they have confiscated. They have around $4.65 billion worth of bitcoin still left after this transfer. What do you think about the US deciding to sell off their seized bitcoin? Comment your opinion down below!
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