Thursday, March 28, 2024

On March 31st, 2023, the US government made a plan to sell around 41,490 bitcoin. This plan is due to the fact that James Zhong stole over 50,000 bitcoins from the Silk Road marketplace. This year, (2021) those 41,490 bitcoins will be sold.

17 Billion to be Sold

The US government has a lot of Bitcoin, and it’s planning to sell 41 490 Bitcoin in 2022. This is because the government seized this same amount from someone named James Zhong for committing wire fraud in 2012 when he got the Bitcoin from an illegal website called the Silk Road.

CryptokenTop News reported that the U.S. government owns about 205,515 Bitcoin (BTC). They plan to sell at least 41,490 BTC which is worth around $1.17 billion right now.

There was a court case where Judge Schofield had 51,351.89785803 Bitcoin (BTC) to give out and the government started selling it. On March 14th, 2023, 9,861.1707894 BTC of this was sold for a total of $215,738,154.98.

A company that keeps track of bitcoins called Glassnode said it noticed someone selling nearly 10,000 bitcoins. The US government still owns 41,490.72 bitcoins and they think the rest of the money will be sold in four chunks this year.

Glassnode believes that some of the funds might have been sent to Coinbase. This means that the 41,490 BTC ($1.195 billion) owned by the U.S. government will be sold differently than before, unlike their usual auctions. After this sale, they’ll still have 164,025 BTC which is worth $4.65 billion in total!

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