Arkham Intelligence reports that the US Government moved Bitcoin worth nearly $600M seized from Silk Road into a Coinbase wallet. According to Arkham Intelligence, the government has millions of dollars in Bitcoin that it seized over the years from different sources including the Silk Road dark-web marketplace.
Bitcoin moved totaled 10,000. It was all sent to the Coinbase Premier wallet. US Government sent nearly $2 billion of Bitcoins to another wallet from Silk Road in July 2024. Analysts are unsure of the reasons for the transfer, but they wonder if there is a plan to sell BTC. The U.S. The Marshals Service awarded Coinbase Prime the contract for managing and disposing of Coinbase Prime’s large cryptocurrency assets. The U.S. Government may be simply moving seized assets into a different place of custody.
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’s creator was found guilty on money laundering charges and for operating a criminal organization. The Bitcoins have been in the possession of U.S. authorities since 2013, when an unknown party gave them to them. Justice Department is pursuing civil forfeiture through claims of illegal ownership in 2020.
All eyes are on the US and what they will do to Bitcoin. Recently, the market was battling with Germany’s past selling Bitcoins seized. For this reason, there are many who want the US government to take possession of Bitcoin. Cynthia Lummis, a US senator is one of them.
Lummis has introduced legislation to allow Bitcoins as payment methods. strategic reserve asset by the United States. According to the plan, Treasury would be required to store BTC in reserve assets similar to gold or foreign currencies. The move will also allow Bitcoins to be sold in order to combat growing debt.
Bitcoin’s price has dropped in the past 24 hours. It is now trading at $59.090.80. The asset recovered in recent days from its fall, and has grown 7.24% over the past seven days.
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Source: watcher.guru
