The U.S. government sold about $216 million of seized bitcoin linked to the Silk Road market earlier this month. It plans to sell the remaining 41,490 BTC over four transactions this year. Reporting by oknightcrypto.
following the arrest of James Zhong, who pleaded guilty to wire fraud after the government alleged he manipulated the transaction system on dark net market Silk Road in 2012. At the time, the government hailed it as the largest cryptocurrency seizure.
The government intends to liquidate the remaining 41,490 BTC in four tranches over the course of this calendar year, the filing said.U.S. authorities transfer over $200 million worth of bitcoin to Coinbase on March 9. Price action was volatile as a result, rising as much as 9.7% in a 24-hour period before returning to parity.
Today, however, bitcoin remains unperturbed by renewed concerns of selling pressure from the U.S. government. It continues to trade at range highs of $28,400, a level it has been tied to over the past fortnight.
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