US officials move 40,000 BTC between government-linked wallets and 9,800 BTC to Coinbase

U.S. officials moved a total of 49,000 bitcoins from their local wallets, according to blockchain analytics firm PeckShieldAlert.

Source: Twitter

On-chain data shows that roughly 49,000 bitcoins (worth $880 million) tied to cryptocurrencies seized by the U.S. are being moved to government-linked wallets. In addition, 9,800 bitcoins (approximately $217 million) were transferred to the Coinbase exchange.

The reasoning behind the U.S. government’s move is unclear. However, many fear that they may be planning to sell large amounts of Bitcoin on the market.This could have a big impact on the price of the largest cryptocurrency, especially on exchanges Mt. Gox Prepare to give back to customers in March.

Additionally, there are several important events looming in March. According to Kyptos, today, March 8, the chairman of the US Federal Reserve, Jerome Powell, will testify before the House of Representatives. On March 10, the U.S. Bureau of Labor Statistics will release its report on the U.S. unemployment rate and wage growth. Therefore, this is a period of high market volatility and traders need to be cautious.

The above 49,000 bitcoins are believed to come from the 2012 Silk Road darknet heist. In November 2021, US police raided the home of suspect James Zhong in Georgia (USA) and seized 50,076 bitcoins he had stashed.

At the time, Bitcoin was worth more than $3.36 billion. The U.S. Department of Justice claims this is the second largest crypto asset forfeiture in history. The largest forfeiture occurred in early 2022, when the U.S. seized $3.6 billion from the Bitfinex exchange hack.

  • Inflation, rising interest rates continue to wreak havoc in US, EU and UK
  • New Survey: 20% of Americans Own Cryptocurrency and See Urgent Need to Update Financial System

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according to Kyptos


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