[Lawyer says U.S. Marshals may sell Silk Road Bitcoin]
US financial lawyer Scott Johnsson said the US Marshals Service (USMS) may be selling Bitcoin seized from the Silk Road market. He speculated based on the service agreement signed between the U.S. Marshals Service and Coinbase in June this year that when Bitcoin enters Coinbase Prime, it indicates that these assets have been or are about to be sold.
Johnsson explained that the U.S. Marshals Service sends the Bitcoin to an escrow address and the assets remain segregated. Once transferred to an address such as Coinbase Prime, it is known that the asset has been sold. Confirmation of the transactions will likely be revealed in the Justice Department's asset forfeiture report for fiscal 2024, which will be released in January. Johnsson suggested there may be political motivations behind the sales, arguing the Biden administration may continue them.
On August 15, the U.S. government moved nearly $600 million worth of Bitcoin to Coinbase Prime that was originally seized during the 2022 Silk Road raids, according to Arkham Intelligence. In this operation, the Department of Justice seized 50,000 Bitcoins from the Silk Road Market.
These large-scale transactions often have a significant impact on Bitcoin prices. The U.S. government is currently the largest holder of Bitcoin in the world, a fact that was highlighted by former President Donald Trump. Trump has compounded the issue by promising not to sell any of the U.S. government’s Bitcoin holdings if re-elected.
