Recent blockchain analyses have revealed that the United States federal authorities have transferred over $1.9 billion in Bitcoin
Data provided by Arkham Intelligence, a blockchain analytics agency, indicates that on December 2nd, a government-associated digital wallet dispatched approximately 19,800 BTC, valued at $1.9 billion at the time, to a deposit address managed by Coinbase Prime.
These Bitcoins were originally confiscated during a 2021 probe into James Zhong, who was found guilty of wire fraud connected to the Silk Road platform. In a 2022 statement, the US Justice Department disclosed the seizure of over 50,000 BTC from Zhong.
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Since then, the government has been moving parts of this stash between wallets. As of the latest update, the total value of Bitcoin under government control stands at approximately $18 billion.
The intentions behind the recent transfer remain uncertain. It is not yet clear whether the authorities intend to liquidate or trade Bitcoin as part of their financial strategy. However, US lawmakers, like Senator Cynthia Lummis, have floated the idea of creating a “strategic Bitcoin reserve” for the country, which could tie into these actions.
In July 2024, the US Marshals Service announced a collaboration with Coinbase Prime. This partnership is designed to facilitate the secure storage of tokens associated with asset forfeitures.
As the US government strengthens its grip on crypto assets, regulatory actions continue to make headlines. Recently, the SEC hit a new milestone, setting records with $8.2 billion in fines tied to Terraform Labs. What triggered this huge penalty? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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