How much Bitcoin does the US hold, and where did it come from?

3 months ago

The US authorities presently holds astir 198,109 Bitcoin worthy $17.7 billion, according to information from blockchain analytics steadfast Arkham Intelligence, a stash that it built chiefly done seizures and forfeitures successful transgression cases.

A information of that Bitcoin (BTC) volition yet signifier portion of the country’s “Strategic Bitcoin Reserve” that President Donald Trump signed into beingness with his March 6 enforcement order, which says the reserve volition clasp immoderate Bitcoin “forfeited arsenic portion of transgression oregon civilian plus forfeiture proceedings oregon successful restitution of immoderate civilian wealth penalty.”

The bid besides tasks national agencies with figuring retired however overmuch forfeited Bitcoin they clasp truthful it tin beryllium added to the cache. While the manufacture awaits the authoritative audits, Cointelegraph has gathered a timeline of immoderate of the biggest events that made the US the world’s largest nation-state holder of Bitcoin.

69,370 BTC successful November 2020: First Silk Road seizure

US authorities seized 69,370 Bitcoin connected Nov. 3, 2020 — its largest crypto seizure astatine the clip worthy $960 cardinal — from an unidentified idiosyncratic who hacked the illicit online marketplace Silk Road.

The hacker, known arsenic “Individual X,” surrendered the funds aft US officials traced the stolen Bitcoin linked to wallet addresses that they utilized to interact with Ross Ulbricht's Silk Road platform earlier it was unopen down successful 2013.

On Dec. 30, 2024, a territory tribunal justice denied a question to artifact the forfeiture of 69,370 Bitcoin, clearing the Department of Justice to merchantability the stash, which had swollen to a worth of $6.5 billion.

94,636 BTC successful January 2022: Bitfinex hack

US instrumentality enforcement officers seized 94,636 Bitcoin from Bitfinex hacker Ilya Lichtenstein connected Jan. 31, 2022, aft they hacked into his unreality retention account, which contained a record holding astir 2,000 crypto wallet addresses and corresponding backstage keys.

The Bitcoin that US authorities seized represented astir 80% of the 119,754 Bitcoin that Lichtenstein stole from Bitfinex.

Lichtenstein and his woman Heather Morgan laundered the different 25,111 Bitcoin earlier US officials successfully executed the hunt warrant.

Lichtenstein and Morgan were sentenced to five years imprisonment and 18 months, respectively, successful precocious 2024.

Galaxy’s caput of research, Alex Thorn, however, noted that the stolen Bitfinex funds are lone seized funds and person not been forfeited.

As a result, those funds whitethorn beryllium handed backmost to Bitfinex.

51,351 BTC successful March 2022: Second Silk Road seizure

US authorities seized and successfully sought the forfeiture of 51,351 Bitcoin from a Silk Road hacker named James “Jimmy” Zhong — who whitethorn oregon whitethorn not beryllium “Individual X” — successful March 2022.

Zhong surrendered the funds astir 4 months aft US officials recovered Bitcoin devices successful an underground level harmless and successful a popcorn tin stored successful Zhong’s bath closet astatine his location successful November 2022.

The 51,351 Bitcoin was valued astatine astir $3.38 cardinal astatine the time, making it 1 of the largest fiscal plus seizures successful US history.

US sold immoderate Bitcoin

The US sold 9,861 Bitcoin for $215.7 million connected March 14, 2023, which came wholly from the Bitcoin seized from Zhong.

The remaining Bitcoin from Zhong’s forfeiture was expected to beryllium liquidated successful 4 much batches passim 2023, but that didn’t eventuate.

This past January, the Department of Justice received the greenish light to merchantability the 198,109 Bitcoin seized from Silk Road.

However, the Biden medication didn’t instrumentality enactment earlier Trump was inaugurated connected Jan. 20.

While the Strategic Bitcoin Reserve volition lone initially commencement with forfeited BTC, the White House said its Commerce and Treasury Secretaries would research however to bargain much astatine nary outgo to US taxpayers.

The constitution of the Bitcoin reserve means nary funds wrong it volition beryllium sold — a determination that White House AI and Crypto Czar David Sacks criticized the erstwhile US medication for undertaking.