US Government May Liquidate Around $4.4B In Bitcoin When The Time Is Right – Bitcoin (BTC/USD)
Over the past couple of years, the U.S. authorities has turn out to be one of many largest whales of Bitcoin BTC/USD, with over 214,046 bitcoins at minimal.
The Division of Justice (DOJ) seized round 50,676.17 bitcoins (roughly $1 billion at right this moment’s costs) in November 2021 from a Bitcoin dealer named James Zhong, who defrauded darknet market Silk Highway.
The seizure is notable—it’s the third largest in cryptocurrency historical past by Crypto Briefing’s count—particularly contemplating the quantity of Bitcoin the U.S. authorities already has beneath management.
In addition to the 50,676 bitcoins seized from Zhong, the U.S. authorities has acquired a minimum of 163,370 bitcoins during the last two years, totaling 214,046 bitcoins, or about $4.43 billion, minimal.
In response to BitInfoCharts, just one bitcoin pockets, Binance’s chilly storage pockets, comprises 252,597 bitcoins, principally belonging to Binance prospects, not the change itself.
The U.S. authorities usually liquidates its Bitcoin holdings by the U.S. Marshalls Service by public auctions. Probably, the seized bitcoins by the DOJ can be equally provided to the general public.
In November 2021, DOJ auctioned off $56 million value of cryptocurrencies seized from a BitConnect promoter on the top of the bull market.
It’s but to be seen if DOJ will watch for bitcoin costs to bounce again earlier than liquidating. To date, it has restrained itself from liquidating the proceeds from the Individual X and Razzlekhan confiscations.
The company seized 69,370 bitcoins (value $1.4 billion) from Individual X in 2020 and 94,000 bitcoins from Razzlekhan (value $1.9 billion).
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