US government plans to sell 41,500 BTC obtained from Silk Road

US government plans to sell 41,500 BTC obtained from Silk Road

The US is one of the largest bitcoin holders in the world. According to a recently published filing, the US government currently holds more than 205,000 BTC as of March 27, 2023.

Most of the bitcoins above come from Silk Road, also known as the “internet silk road”, which the US government shut down in 2013.

Initially, the US government confiscated large amounts of bitcoins from an individual known as “X” who was believed to be related to Silk Road. According to the report, the US government has confiscated 69,369 BTC from this individual.

Next, the US government seized 50,000 BTC from James Zhong, who was also believed to be involved in Silk Road.

And plenty of other bitcoins that the US has seized in Silk Road-related cases over the course of the past few years.

Now, as detailed from the latest court documents, the US government is planning to sell 41,500 BTC obtained from Silk Road.

According to details in the court document, the US government will sell bitcoin in four different tranches this year.

“The US government sold 9,861 BTC for a total of $215 million on March 14, 2023. And is planning to liquidate the rest of 41,490 BTC in four different tranches this year,” the document reads. know.

The value of 41,490 BTC at the time of writing is $1.18 billion at BTC’s current price of $28,448.

In addition, the document also reveals that the US government has begun to liquidate 51,351 bitcoins seized from notorious tycoon Ross Ulbricht (founder of Silk Road).

See also: 61% of all Bitcoins are controlled by ‘big players’

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