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The US government plans to sell more than 41,000 bitcoins

The US :

government plans to sell more than 41,000 bitcoins

According to the Court's document of 31 March 2023

on James Chung's sentence

Which has stolen more than 50,000 bitcoins from the Silk Road market, the US government plans to filter 41,490 bitcoins "throughout the current calendar year."

The United States

Government discloses its confiscated bitcoin sale strategy

The U.S. government, one of bitcoin's largest owners

plans to sell 41,490 BTC in 2023

according to a court filing in the James Chung judgment case.

The government confiscated historic bitcoin in November 2022 when it confiscated more than 50,000 BTC from Zhong.

The defendant pleaded guilty to "wire fraud in September 2012 when he illegally obtained more than 50,000 bitcoin from the dark Silk Road internet market."

According to Dune Analytics data and public disclosures

the U.S. government retains 205,515 BTC.

In Friday's filing :

federal authorities plan to sell at least 41,490 BTC

worth $1.17 billion at today's exchange rates.

The court document states that "with respect to the confiscated bitcoin in Ulbricht before Judge Schofield, the Government has begun its liquidation (sale).

On 14 March 2023 :

the government sold 9,861.1707894 BTC

(from 51,351.89785803 BTC) for a total of 215,738,154.98 dollars.

According to onchain Glassnode Analytics, 9,861 BTC sales were discovered, or at least the period of time sent to a major exchange before the sale. The deposit adds:

"Of the bitcoin confiscated in the Ulbricht case, there are still approximately 41,490.72 BTC, which the government expects to liquidate in four more instalments throughout the current calendar year."

Glassnode's onchain transfer account explains that

it is likely that funds will be sent to Coinbase.

If the money was sold on Coinbase

it would be different from the previous US government

auction method for selling forfeited encryption assets.

When the government sells 41,490 BTC, it will still have 164,025 BTC

or the equivalent of $4.65 billion, left.

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