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US Government Sells $215 Million Worth of Seized Bitcoin from Silk Road Hacker

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.

READ MORE: Bitcoin Analyst Warns of Potential Downside: Double Bottom or New Low?

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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