US Government Sells $215 Million Worth of Seized Bitcoin from Silk Road Hacker
As per a court filing on March 31, the United States government announced that it had sold 9,861.17 Bitcoin for $215.7 million on March 14.
The BTC that was sold was part of the 51,351 tokens that James Zhong had illegally obtained from the dark net marketplace Silk Road and which had been seized by the authorities.
The government paid $215,738 as transaction fees, and net proceeds of $215.52 million were obtained. After Zhong’s sentencing date, the remaining 40,000 Bitcoin balance will be liquidated in four batches later this year.
However, no further sales will be made until then.
On March 8, the government moved 49,000 Bitcoin, sending 9,861 BTC to Coinbase and the rest to two new addresses, which raised concerns of increased selling pressure on BTC.
Nevertheless, the price of BTC rose to over $29,000 on March 29, gaining more than 22% in the last 30 days.