US Authorities Sells $215M in Seized Silk Highway Bitcoin, Plans to Dump One other $1.1 Billion

 US Authorities Sells $215M in Seized Silk Highway Bitcoin, Plans to Dump One other $1.1 Billion

The crypto markets could also be trying unsure proper now however some are nonetheless earning money from Bitcoin gross sales: the U.S. authorities. 

In line with courtroom paperwork filed at the moment, the Feds bought the crypto earlier this month—making over $215 million. 

The crypto in query got here from the Silk Highway market. Hacker James Zhong confessed to stealing it, after which cops then took it in a historic seizure again in November. They’re now promoting it—and so they nonetheless have 41,490 Bitcoins ($1.1 billion) to do away with, the submitting mentioned.

“With respect to the 51,351.89785803 Bitcoin forfeited within the Ulbricht case earlier than Choose Schofield, the Authorities has begun liquidating (promoting) it,” Friday’s doc learn. 

“On March 14, 2023, the Authorities bought 9,861.1707894 BTC (of the 51,351.89785803 BTC) for a complete of $215,738,154.98. After $215,738.15 in transaction charges, the online proceeds to the Authorities had been $215,522,416.83.”

The “Ulbricht case” refers to Silk Highway founder Ross Ulbricht, who was sentenced to life in jail again in 2015 in a high-profile case. 

Ulbricht ran the Silk Highway on-line black market which was used to—principally—purchase and promote unlawful medicine earlier than authorities shut it down in 2014. 

James Zhong pleaded responsible final 12 months to wire fraud after the federal government alleged that he manipulated the Silk Highway transaction system in 2012 to pocket 50,676 Bitcoins. He stored the stash hidden for 10 years till it ballooned to hit a price of $3.3 billion. 

“The defendant had in his possession a number of pc servers, digital personal networks, amongst different issues, enabling him to commit the offense,” prosecutors added in Friday’s submitting. “He then managed to maintain the Bitcoin protected, and his id hidden for a number of years.” 

With the authorities planning to do away with the remaining Bitcoin all through 2023 in 4 completely different batches, what sort of impact may which have on the value of the most important digital asset amid a brutal bear market?


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