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US Government Sells $215M in Seized Silk Road Bitcoin, Plans to Dump Another $1.1 Billion

April 1, 2023
in Web3
Reading Time: 3 mins read
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The crypto markets could also be wanting unsure proper now however some are nonetheless making a living from Bitcoin gross sales: the U.S. authorities. 

In line with courtroom paperwork filed right now, the Feds bought the crypto earlier this month—making over $215 million. 

The crypto in query got here from the Silk Street market. Hacker James Zhong confessed to stealing it, after which cops then took it in a historic seizure again in November. They’re now promoting it—they usually nonetheless have 41,490 Bitcoins ($1.1 billion) to do away with, the submitting mentioned.

“With respect to the 51,351.89785803 Bitcoin forfeited within the Ulbricht case earlier than Choose Schofield, the Authorities has begun liquidating (promoting) it,” Friday’s doc learn. 

“On March 14, 2023, the Authorities bought 9,861.1707894 BTC (of the 51,351.89785803 BTC) for a complete of $215,738,154.98. After $215,738.15 in transaction charges, the web proceeds to the Authorities had been $215,522,416.83.”

The “Ulbricht case” refers to Silk Street founder Ross Ulbricht, who was sentenced to life in jail again in 2015 in a high-profile case. 

Ulbricht ran the Silk Street on-line black market which was used to—principally—purchase and promote unlawful medicine earlier than authorities shut it down in 2014. 

James Zhong pleaded responsible final yr to wire fraud after the federal government alleged that he manipulated the Silk Street transaction system in 2012 to pocket 50,676 Bitcoins. He stored the stash hidden for 10 years till it ballooned to hit a price of $3.3 billion. 

“The defendant had in his possession a number of pc servers, digital non-public networks, amongst different issues, enabling him to commit the offense,” prosecutors added in Friday’s submitting. “He then managed to maintain the Bitcoin protected, and his identification hidden for a number of years.” 

With the authorities planning to do away with the remaining Bitcoin all through 2023 in 4 completely different batches, what sort of impact would possibly which have on the value of the most important digital asset amid a brutal bear market?

Disclaimer

The views and opinions expressed by the creator are for informational functions solely and don’t represent monetary, funding, or different recommendation.

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Tags: 215MBillionBitcoinDumpGovernmentPlansRoadSeizedSellsSilk
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