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Based on a court docket doc filed on March 31, 2023, relating to the sentencing of James Zhong, who stole over 50,000 bitcoin from the Silk Highway market, the U.S. authorities plans to liquidate 41,490 bitcoin “over the course of this calendar 12 months.”
U.S. Authorities Discloses Technique for Promoting Confiscated Bitcoin
The U.S. authorities, one of many largest holders of bitcoin, plans to promote 41,490 BTC in 2023, in line with a court docket submitting submitted within the case of James Zhong’s sentencing. The federal government made the historic bitcoin seizure in November 2022 when it confiscated over 50,000 BTC from Zhong. The defendant pleaded responsible “to committing wire fraud in September 2012 when he unlawfully obtained over 50,000 bitcoin from the Silk Highway darkish net web market.”
Bitcoin.com Information reported six days in the past that, in line with Dune Analytics information and public disclosures, the U.S. authorities holds 205,515 BTC. Within the submitting submitted on Friday, federal authorities plan to promote a minimum of 41,490 BTC value $1.17 billion at immediately’s trade charges.
The court docket doc notes, “With respect to the 51,351.89785803 bitcoin forfeited within the Ulbricht case earlier than Choose Schofield, the federal government has begun liquidating (promoting) it. On March 14, 2023, the federal government bought 9,861.1707894 BTC (of the 51,351.89785803 BTC) for a complete of $215,738,154.98.”
Based on onchain analytics agency Glassnode, the sale of 9,861 BTC was detected, or a minimum of the time period when it was despatched to a significant trade previous to promoting. “Of the bitcoin forfeited within the Ulbricht case, there stays roughly 41,490.72 BTC, which the federal government expects to be liquidated in 4 extra batches over the course of this calendar 12 months,” the submitting provides.
Glassnode’s account of the onchain switch explains that the funds had been seemingly despatched to Coinbase. If the funds had been bought on Coinbase, it will be totally different from the U.S. authorities’s earlier public sale fashion of promoting seized crypto property. When the federal government sells the 41,490 BTC, it should nonetheless have 164,025 BTC, or $4.65 billion value, remaining.
What do you consider the U.S. authorities’s choice to liquidate its seized bitcoin? Share your ideas within the feedback part under.
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