US government is preparing to sell 30,000 Silk Road Bitcoin, on-chain data shows

Today, the US government sent out a transaction that appears to indicate it is about to liquidate the remaining Bitcoin it confiscated from the online marketplace Silk Road.

According to on-chain data, a test transaction of 0.001 BTC, part of a larger supply of approximately 30,174 BTC worth $2 billion, was moved. The funds are linked to the infamous Silk Road marketplace and were moved by the US government.

Coinbase, the largest cryptocurrency exchanges in the United States, received the transaction from these Silk Road-related funds. Arkham Intelligence first identified the origin of where the BTC came from, and the coins destination of Coinbase. It appears that the purpose of this transaction is to sell the coins, as has been done before in the past.

Last March, the US government sold 10,000 Bitcoin related to Silk Road, amounting to just over 9,861 BTC worth $216 million. court file.

As in this case, this event was preceded by three on-chain transactions, which were sent in legal proceedings a few weeks before the announcement of the sale.

The US Marshals Service is one of the largest Bitcoin sellers to date. According to data from researcher Jameson breedthe US Marshals helped the US government sell 195,000 BTC.

Despite attempts by US lawmakers to have the agency hold these funds as strategic assets, it has continued to sell the funds in accordance with its mandate, with the role of the US Marshalls Service being to sell assets confiscated in criminal investigations.

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