On December 2, Arkham Intelligence, a blockchain analysis agency, indicated that United States federal authorities have transferred over $1.9 billion in Bitcoin
btc
$95,645.14
previously confiscated from the Silk Road online marketplace, to Coinbase
$6.32 billion
main account.
These Bitcoins were originally confiscated during a 2021 investigation into James Zhong. In a 2022 statement, the US Department of Justice revealed the seizure of over 50,000 BTC from Zhong.
Since then, the government has been moving parts of this stash between wallets. As of the last update, the total value of Bitcoin under government control amounts to approximately $18 billion.
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In July 2024, the The US Marshals Service announced a collaboration with Coinbase Major. This partnership is designed to facilitate the secure storage of tokens associated with asset seizures.
Since the intentions behind the recent transfer remain uncertain, it is still unclear if the authorities want to liquidate or trade bitcoin as part of your financial strategy.
That said, US lawmakers, such as Senator Cynthia Lummis, have floated the idea of ​​creating a “strategic Bitcoin reserve” for the country, which could be tied to these stocks.
As the US government strengthens its control over crypto assets, regulatory actions continue to make headlines. The SEC recently reached a new milestone by setting records with $8.2 billion in fines tied to Terraform Labs. What triggered this huge penalty? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
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