Approximately $2 billion in Bitcoin previously confiscated by the US Department of Justice and linked to the criminal trading platform Silk Road was transferred to a crypto wallet for institutional clients of the Coinbase exchange, according to data from blockchain researcher Blockchair.
As a rule, large movements of crypto assets to exchange platforms are associated with their expected sale. Thus, it can be assumed that the US government intends to take advantage of the situation with the rush market demand for BTC and speculation around the halving, which is less than two weeks away, and sell part of its bitcoin reserves at a more favorable price.
The last confirmed sale of Bitcoin seized by the US government from Silk Road occurred in March 2023. 9,861 BTC worth $216 million were sold. In January, the US Department of Justice announced its intention to sell another 2,934 BTC previously owned by Silk Road.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
