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Crypto Community on Edge as Biden's DOJ Eyes Sale of $6.49 Billion in Seized Bitcoin
On Jan. 9, 2024, discussions have been buzzing within the crypto community regarding the potential sale of $6.49 billion worth of bitcoin (BTC) by the U.S. Department of Justice (DOJ). This speculation arises from a court ruling issued on Dec. 30, in which U.S. Chief District Judge Richard Seeborg sanctioned the forfeiture of 69,370 bitcoin.
Biden’s DOJ Could Sell $6.49 Billion in Bitcoin
In just 11 days, U.S. President-elect Donald Trump will take the oath of office, and some in the cryptocurrency community are speculating that he may seek to establish a strategic bitcoin reserve for the nation. With this in mind, many had assumed that the U.S. would refrain from selling the bitcoin seized in criminal cases.
However, a court order dated Dec. 30, 2024, has sent shockwaves through the crypto community, sparking questions about whether the Biden administration’s DOJ will proceed with selling the nation’s bitcoin holdings.
The court order effectively rejects an attempt to block the asset forfeiture through the Freedom of Information Act (FOIA), which sought to unmask the identity of “Individual X.” Records reveal that Individual X was a hacker who exploited a vulnerability in the Silk Road marketplace to steal these funds more than a decade ago.
This individual later cooperated with federal authorities, signing a consent agreement to surrender the stolen bitcoin to the U.S. government. Although the identity of Individual X remains concealed, court documents suggest they avoided imprisonment through an undisclosed arrangement with prosecutors.
According to onchain data from Arkham Intelligence, the funds have remained in the wallet since their acquisition on Nov. 3, 2020. Since then, the wallet has accumulated numerous dust transfers. When the 69,370 bitcoin was first consolidated into the DOJ’s wallet, it was valued at $967 million. Today, the value of this cache, originating from Individual X, has increased by 571%. The pressing question now is whether the Biden administration’s DOJ will decide to sell the 69,370 bitcoin.
Before the federal authorities seized the coins from the so-called Individual X, the wallet dat file had appeared on marketplace websites such as Satoshidisk.com and All Private Keys. When Bitcoin.com News covered the attempted sales, one site was offering the file for 0.08929505 BTC, or $1,050, based on the exchange rate at the time.
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Biden’s DOJ Could Sell $6.49 Billion in Bitcoin
In just 11 days, U.S. President-elect Donald Trump will take the oath of office, and some in the cryptocurrency community are speculating that he may seek to establish a strategic bitcoin reserve for the nation. With this in mind, many had assumed that the U.S. would refrain from selling the bitcoin seized in criminal cases.
However, a court order dated Dec. 30, 2024, has sent shockwaves through the crypto community, sparking questions about whether the Biden administration’s DOJ will proceed with selling the nation’s bitcoin holdings.
The court order effectively rejects an attempt to block the asset forfeiture through the Freedom of Information Act (FOIA), which sought to unmask the identity of “Individual X.” Records reveal that Individual X was a hacker who exploited a vulnerability in the Silk Road marketplace to steal these funds more than a decade ago.
This individual later cooperated with federal authorities, signing a consent agreement to surrender the stolen bitcoin to the U.S. government. Although the identity of Individual X remains concealed, court documents suggest they avoided imprisonment through an undisclosed arrangement with prosecutors.
According to onchain data from Arkham Intelligence, the funds have remained in the wallet since their acquisition on Nov. 3, 2020. Since then, the wallet has accumulated numerous dust transfers. When the 69,370 bitcoin was first consolidated into the DOJ’s wallet, it was valued at $967 million. Today, the value of this cache, originating from Individual X, has increased by 571%. The pressing question now is whether the Biden administration’s DOJ will decide to sell the 69,370 bitcoin.
Before the federal authorities seized the coins from the so-called Individual X, the wallet dat file had appeared on marketplace websites such as Satoshidisk.com and All Private Keys. When Bitcoin.com News covered the attempted sales, one site was offering the file for 0.08929505 BTC, or $1,050, based on the exchange rate at the time.
#BTC☀ #NewsBTC #BTC🔥🔥🔥🔥🔥
$BTC
🚨BlackRock Is Selling BTC🚨
$BTC
BlackRock is selling #Bitcoin and accumulating alts!
Biggest altseason ever is just around the corner
According to BlackRock's plan, they will invest $1.6B into alts
$100 in the right alts will be $100k in 2-3 months
#BTC☀ #NewsBTC #sell #NewsAboutCrypto #BreakingCryptoNews
BlackRock is selling #Bitcoin and accumulating alts!
Biggest altseason ever is just around the corner
According to BlackRock's plan, they will invest $1.6B into alts
$100 in the right alts will be $100k in 2-3 months
#BTC☀ #NewsBTC #sell #NewsAboutCrypto #BreakingCryptoNews