Financial Experts Claim US Government Is Likely Selling Seized BTC

IconCryptoNewsTerminal Staff16 Aug, 2024

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Financial Experts Claim US Government Is Likely Selling Seized BTC

The US Marshals Service (USMS) has been selling Bitcoin (BTC) tied to the darknet marketplace Silk Road, according to US financial industry and legal professional Scott Johnsson. Johnsson highlighted that under the terms of the contract Coinbase entered into with the USMS in June, the BTC is transferred to a custodial address controlled by Coinbase. Each movement out of that address shows that the USMS has either sold that amount or intends to sell it. In early August, the US government moved 29,800 BTC (worth around $2 billion at the time) seized from the darknet marketplace Silk Road to an unknown wallet. The Justice Department's forfeiture program management report, due out in January, is expected to shed more light on the matter.

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