Breaking: The US Government is Trading Crypto

Breaking: The US Government is Trading Crypto

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As per a court filing revealed on Friday, the US government has made over $200 million from Bitcoin sales in March alone.

On March 14, US government officials sold about 9,900 Bitcoins; these Bitcoins are however some portion of the 50,000 Bitcoins seized from the Silk Road. The crypto was sold at a market price of $21,877, amounting to roughly $215,000. On the day the crypto was sold, it had no notable impact on the crypto market as Bitcoin gained only 2.4%.

However, the remaining 41,000 Bitcoins are expected to be liquidated before the end of 2023, according to the filing.

“The Government understands [the seized Bitcoin] is expected to be liquidated in four more batches over the course of this calendar year,” said the court filing. “The Government understands from IRS Criminal Investigation – Asset Recovery & Investigative Services that the second round of liquidation will not be sold prior to Zhong’s sentencing date.”

Meanwhile, in November 2022, the US Attorney seized 50,000 BTC in connection with the Silk Road fraud, thus far, it remains one of the largest crypto seizures in history, and back then, the Bitcoins were discovered at an address connected to one Jame Zhong, after which he was arraigned and subsequently pleaded guilty to committing wire fraud.

Silk Road was an illegal marketplace on the darknet and was active between 2011 and 2013, the site crashed following the arrest of its operator Ross Ulbricht.

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