By Curtis Dye
It was recently revealed that about 49,000 Bitcoin (BTC) worth $1 billion were moved from accounts associated with US Government law enforcement seizures. These funds were sent to three wallet addresses, including the well-known cryptocurrency exchange Coinbase.
According to the data that was made accessible, about 9,800 BTC, which is equivalent to around 217 million dollars, were sent to Coinbase. The remaining 39,200 BTC were sent to two other addresses: bc1qf2…fsv, which got 30,000 BTC, and bc1qe7…rdg, which received 9,000 BTC.
Government takes Silk Road’s BTC
Between November 2021 and March 2022, the United States authorities seized 51,351.9 bitcoin (BTC), which resulted from illegal activity on Silk Road. The bitcoin that was confiscated was split between two different addresses.
In addition to recovering 51,351.9 bitcoins from the profits of criminal activity on Silk Road, US officials have continued their attempts to collect other monies connected to the case. By November of that same year, they successfully retrieved a further 50,000 bitcoins from a person suspected of hacking into Silk Road.
US Government Bitcoin auctions spoil criminal investigation
The government of the United States has, in the past, conducted several auctions to dispose of bitcoin artifacts that were confiscated throughout criminal investigations. These auctions, on the other hand, did not include any direct transfers of bitcoin money to exchanges. Instead, the bitcoins were put up for sale like that in a public auction and sold to the highest bidder.
It is important to note that how the United States government deals with confiscated bitcoins has changed with time. In the past, there were worries that the government’s auctions may have a detrimental influence on the market and lead to a reduction in the price of bitcoin. But, more recent auctions have been designed to avoid these problems, and the government has been able to effectively sell confiscated bitcoins to interested bidders as a result.
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