Arkham Intelligence reports that the US Government moved Bitcoin worth nearly $600M seized from Silk Road into a Coinbase wallet. The US government owns millions in Bitcoin, including those seized from Silk Road’s dark web market.
All Bitcoins were moved to Coinbase Prime. US Government sent nearly $2 billion of Bitcoins to another wallet from Silk Road in July 2024. Analysts wonder whether the US government intends to sell the BTC or keep it in custody. The U.S. The Marshals Service awarded Coinbase Prime the contract for managing and disposing of Coinbase Prime’s large cryptocurrency assets. It is possible that the U.S. federal government will simply be transferring the confiscated assets to a different place.
What happened to Silk Road and what is the US government doing with its Bitcoin?
Silk Road closed permanently in 2013, following an FBI investigation. Authorities claim that the website enabled illegal sales of weapons, controlled substances and other illegal goods. Ulbricht was found guilty of charges related to money laundering and running a criminal enterprise. Since 2013, the U.S. government has held onto this Bitcoin stockpile after an anonymous party trusted it to them. Justice Department is pursuing civil forfeiture based upon claims of unlawful possession in 2020.
All eyes are on the US and what they will do to Bitcoin. Recent market competition had been a major concern. Germany’s past selling Bitcoins seized. Many are therefore calling for the US to be in charge of the Bitcoin. Cynthia Lummis is one such US Senator.
Lummis has introduced legislation that would allow Bitcoins to be accepted as legal tender. strategic reserve asset by the United States. This plan calls for the Treasury to keep BTC on hand as a form of reserve, just like they do with gold and foreign currency. This move also allows Bitcoin to be used to reduce the national debt.
Bitcoin’s price has dropped in the past 24 hours. It is now trading at $59.090.80. In the past seven days, Bitcoin has recovered after a recent drop. It is currently trading at $59,090.80.
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Source: watcher.guru