- The US authorities plans to unload 41,500 BTC in 4 batches this yr.
- 49,000 BTC from the US authorities reserve was moved to different wallets final month.
- The federal government nonetheless retains 164,000 BTC seized from the Silk Highway in wallets.
The US authorities plans to unload 1000’s of Bitcoins all through this yr. Bitcoins are related to the case of James Zhong and the favored darknet market, the Silk Highway. The on-chain knowledge reveals important exercise within the wallets that maintain the BTC seized by the federal government.
The on-chain exercise was highlighted on Twitter by Ki Younger Ju earlier as we speak. Ju is the co-founder and CEO of blockchain analytics agency CryptoQuant. Knowledge collected by CryptoQuant reveals that the US authorities moved 49,000 BTC to different wallets final month. By the way, the federal government bought over 9,800 BTC on March 14 for round $216 million.
A authorities submitting with the US District Courtroom for the Southern District of New York revealed that the US authorities deliberate to liquidate 41,490 BTC in 4 batches through the yr. This may successfully unload all 50,000 BTC that was seized from Zhong in November final yr.
“The federal government understands from the IRS Prison Investigation – Asset Restoration & Investigative Providers that the second spherical of liquidation won’t be bought till Zhong’s sentencing date,” reads the courtroom submitting.
In line with Ki Younger Ju, the US authorities nonetheless holds 164,000 BTC in wallets, bringing its whole to over 138,000 BTC held by Michael Saylor’s MicroStrategy. In the meantime, Tron founder Justin Solar supplied to purchase the 41.5,000 BTC from the US authorities at a ten% low cost for an OTC deal to reduce the potential market affect.
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