🚀The US government has transferred $1.9 billion in Bitcoin seized from Silk Road to Coinbase Prime
✅ The US government has just taken a significant step in the field of cryptocurrency asset management by transferring over 19,800 Bitcoin, worth approximately $1.9 billion, into the Coinbase Prime wallet on December 2. This Bitcoin is the result of seizures related to Silk Road, the once-thriving dark web marketplace that was dismantled by authorities.
💵 Specific developments regarding the $1.9 billion Bitcoin
✅ This case is directly connected to the investigation from 2021 into James Zhong, who was convicted of wire fraud. In 2022, the US Department of Justice seized over 50,000 BTC from Zhong, including a significant portion of the assets hidden in a popcorn box. Currently, the US government holds a large amount of Bitcoin, equivalent to about $18 billion, and occasionally transfers it between different wallets.
✅ As for the reason for transferring this Bitcoin, there is still no clear information about whether the government plans to conduct a transaction or sell these assets. This raises many questions in the context of some lawmakers, such as Senator Cynthia Lummis, proposing the establishment of a "strategic Bitcoin reserve" to manage and handle Bitcoin in the future.
✅ Since July 2023, the US Marshals Service has embarked on an important collaboration with Coinbase Prime to manage and safeguard seized cryptocurrencies, in which Bitcoin plays a special role.
