2 years ago
According to a tribunal papers filed connected March 31, 2023, regarding the sentencing of James Zhong, who stole implicit 50,000 bitcoin from the Silk Road marketplace, the U.S. authorities plans to liquidate 41,490 bitcoin “over the people of this calendar year.”
U.S. Government Discloses Strategy for Selling Confiscated Bitcoin
The U.S. government, 1 of the largest holders of bitcoin, plans to sell 41,490 BTC successful 2023, according to a tribunal filing submitted successful the lawsuit of James Zhong’s sentencing. The authorities made the historic bitcoin seizure successful November 2022 erstwhile it confiscated implicit 50,000 BTC from Zhong. The suspect pleaded blameworthy “to committing ligament fraud successful September 2012 erstwhile helium unlawfully obtained implicit 50,000 bitcoin from the Silk Road acheronian web net marketplace.”
Bitcoin.com News reported six days agone that, according to Dune Analytics data and nationalist disclosures, the U.S. authorities holds 205,515 BTC. In the filing submitted connected Friday, national authorities program to merchantability astatine slightest 41,490 BTC worthy $1.17 cardinal astatine today’s speech rates.
The tribunal papers notes, “With respect to the 51,351.89785803 bitcoin forfeited successful the Ulbricht lawsuit earlier Judge Schofield, the authorities has begun liquidating (selling) it. On March 14, 2023, the authorities sold 9,861.1707894 BTC (of the 51,351.89785803 BTC) for a full of $215,738,154.98.”
According to onchain analytics steadfast Glassnode, the merchantability of 9,861 BTC was detected, oregon astatine slightest the play of clip erstwhile it was sent to a large speech anterior to selling. “Of the bitcoin forfeited successful the Ulbricht case, determination remains astir 41,490.72 BTC, which the authorities expects to beryllium liquidated successful 4 much batches implicit the people of this calendar year,” the filing adds.
Glassnode’s relationship of the onchain transportation explains that the funds were apt sent to Coinbase. If the funds were sold connected Coinbase, it would beryllium antithetic from the U.S. government’s erstwhile auction benignant of selling seized crypto assets. When the authorities sells the 41,490 BTC, it volition inactive person 164,025 BTC, oregon $4.65 cardinal worth, remaining.
Tags successful this story
Analytics, Asset, Auction, Bitcoin, bitcoin sale, Blockchain, BTC, Coinbase, confiscation, Criminal Investigation, Cryptocurrency, Currency, dark web, Digital, Exchange, Fed sale, financial, forfeiture, Fraud, glassnode, James Zhong, Liquidation, Marketplace, prosecution, Seizure, sentencing, Silk Road, Ulbricht, US government, Wire Fraud
What bash you deliberation of the U.S. government’s determination to liquidate its seized bitcoin? Share your thoughts successful the comments conception below.
Jamie Redman
Jamie Redman is the News Lead astatine Bitcoin.com News and a fiscal tech writer surviving successful Florida. Redman has been an progressive subordinate of the cryptocurrency assemblage since 2011. He has a passionateness for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written much than 6,000 articles for Bitcoin.com News astir the disruptive protocols emerging today.
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