215M of Silk Road BTC resold by US authorities

The American government proceeded to a first sale from bitcoins seized from the darknet marketplace Silk Road. Benefits: 215 million dollars. A little more than 40 000 BTC remain at sell.

The American authorities are becoming increasingly severe towards cryptocurrencies and its industry, like the SEC. The latter do not, however, prohibit themselves from making profits from the sale of bitcoins.

The capital gain is even integral since it is about BTC seized by the justice within the framework of the closing of the marketplace of the darknet Silk Road – and whose operator, Ross William Ulbricht, received a life sentence.

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Over 50,000 BTC stolen from Silk Road in 2012

According to court documents, in March 2023 federal authorities conducted a major sale of bitcoins. In total, these are 215 million dollars which were thus cashed by the American government.

If the ceded BTC belonged to Silk Road, it was in the possession, until recently, of a hacker. James Zhon had admitted to hacking the marketplace and thus stealing cryptocurrency.

The author of this hack had been identified, however, resulting in a seizure of a record amount. Indeed, the stolen bitcoins represent more than a billion dollars at the current price. The government plans to make further sales.

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It still holds 41,490 bitcoinswhich is now equivalent to about $1.1 billion in tokens. Zhong had embezzled this money in 2012 by breaking into the Silk Road transaction system.

Four BTC sales expected in 2023

For 10 years, he kept the secret and kept the digital coins worth over $3 billion in the midst of the 2021 bull-run. Now, U.S. authorities are planning to sell these tokens in 4 transactions spread over 2023.

Could these asset disposals in a bear-market crypto market have a bearish effect, especially for Bitcoin? The price of BTC has risen sharply in recent weeks, to around $29K.

Kaiko recently warned, however. The main reason for this trend is the low liquidity and depth in the market. For analysts, the rise of BTC as ETH would thus be induced by liquidity.

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