The US government still controls thousands of bitcoins. These were all confiscated by various criminals. Now the country plans to sell $1 billion worth of bitcoins seized as part of the overthrow of the Silk Road.
Stolen Silk Road Bitcoin is being sold
This is according to a request from the US government to a court. They say they plan to sell the rest of the approximately 51,351 bitcoins seized by hacker James Zhong. Zhong is accused of stealing the Silk Road cryptocurrency in 2012.
The same government document shows that as of March 14, the government had already sold about 9,861 Bitcoins of the confiscated total for more than $200 million. For the fast calculator, there are about 41,491 bitcoins left.
1 billion euros selling pressure bitcoin
At the current price of Bitcoin of 25,730 euros, that is just over 1 billion euros. Plans to sell the coins are part of the lawsuit against hacker Zhong. In the document, the government says it will not sell the rest of the bitcoins until after Zhong is convicted; This is scheduled for April 14.
The government has started the liquidation (sale) of the 51,351,89785803 Bitcoins lost in the Ulbricht case. On March 14, 2023, the government sold 9,861,1707894 BTC (out of 51,351,89785803 BTC) for a total of $215,738,154.98. After $215,738.15 in transaction fees, the net proceeds to the government were $215,522,416.83.”
Of the bitcoin lost in the Ulbricht case, there are about 41,490.72 BTC left, which the government says will be liquidated in four more batches later this year. The government makes it clear from the IRS Criminal Investigation – Asset Investigation and Recovery Services that the second round of liquidations will not be sold before Zhong’s sentencing date.”
What is Silk Road and how does it relate to Bitcoin?
From 2011 to 2013, Silk Road rose to fame as a dark web marketplace. The site was known for its ability to pay with bitcoin and its privacy. Authorities turned their attention to Silk Road because illegal products and services were also offered there. Eventually, founder Ross Ulbricht was arrested for it.
The tweet above appeared shortly before the weekend, Ulbricht has been in prison for 10 years.
Zhong is accused of tricking the payment processing system into stealing the bitcoins.
Source: Btc Direct
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
