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Huge Movement Ahead for Bitcoin? 10,000 BTC seized by the US government and sent to Coinbase
Glassnode has detected the movement of approximately 40,000 Bitcoins originating from wallets linked to seizures by US law enforcement. The transfers have raised concerns about a sell-off primarily because such activity could indicate a possible sell-off that could put significant pressure on the price of Bitcoin. Bitcoin is currently under significant selling pressure after falling below a critical support area at $22,018. Movement of Confiscated Bitcoins The transfers were marked by Glassnode. According to the cryptanalytic firm's update, most appear to be internal transfers. Nearly 9,861 BTC (worth $217 million) received from…
Huge Movement Ahead for Bitcoin? 10,000 BTC seized by the US government and sent to Coinbase
Glassnode has detected the movement of approximately 40,000 Bitcoins originating from wallets linked to seizures by US law enforcement.
The transfers have raised concerns about a sell-off primarily because such activity could indicate a possible sell-off that could put significant pressure on the price of Bitcoin.
Bitcoin is currently under significant selling pressure after falling below a critical support area at $22,018.
Movement of seized Bitcoins
The transfers were marked from Glassnode. According to the cryptanalytic firm's update, most appear to be internal transfers. However, nearly 9,861 BTC (worth $217 million) seized by the Silk Road hacker was sent to crypto exchange Coinbase.
That was later confirmed from blockchain security firm PeckShield, which revealed that Silk Road's proceeds were consolidated into two wallet addresses. Notably, the BTC in question was confiscated by the US government between November 2021 and March 2022.
More than 51,000 BTC were seized during that time from an individual who “illegally” obtained the funds after hacking the now-defunct online black market.
Silk Road allowed the buying and selling of narcotics and other illegal items without government interference. The marketplace was shut down in 2013, but the activity of the confiscated funds seems to crop up every now and then.
Within a few months, the FBI seized around 144,000 Bitcoins, resulting in the US government becoming one of the 10th largest Bitcoin holders this year. In 2015, two U.S. Secret Service agents – Shaun Bridges and Carl Mark Force – were caught stealing 1,600 bitcoins seized by federal authorities and sentenced to prison.
Handling confiscated funds
Bitcoins are typically sold in public auctions conducted by the US Marshals Service – a law enforcement agency within the Department of Justice (DOJ).
In recent years, the Go government's seizure and sale operation has grown rapidly. To help manage the storage and monitor sales of its token hoard, the enforcement agency even tapped custodian Anchorage Digital in 2021.
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