Crypto News

US government prepares to sell 30,000 Silk Road Bitcoins, on-chain data shows

Today, the US government sent out a transaction that appears to indicate it may be close to liquidating the remaining Bitcoin it confiscated from online marketplace Silk Road.

According to on-chain data, a test transaction of 0.001 BTC, part of a larger pool of around 30,174 BTC worth $2 billion tied to the infamous Silk Road market, was displaced by the US government.

Coinbase, the largest cryptocurrency exchange in the United States, received the transaction of these funds linked to Silk Road. Arkham Intelligence first identified the origin of BTC and the destination of Coinbase coins. It appears that the purpose of this transaction is to sell the coins, as has been the case in the past.

Last March, the US government sold 10,000 bitcoins tied to Silk Road, selling just over 9,861 BTC worth $216 million, according to a court filing.

As in this case, this event was preceded by 3 on-chain transactions, which were sent a few weeks before the sale was disclosed in a court filing.

The US Marshals Service is one of the largest sellers of Bitcoin to date. According to data from researcher Jameson Lopp, US Marshals helped the US government sell 195,000 BTC.

Despite attempts by US lawmakers to have the agency hold these funds as a strategic asset, it continued to sell the funds in accordance with its mandate, with the role of the US Marshalls Service being to sell assets confiscated in criminal investigations. .

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