Crypto

US government transfers $2 billion in Bitcoin from Silk Road seizure

US government transfers $2 billion in Bitcoin from Silk Road seizure

The move may have been a response to recent comment about the cryptocurrency industry

The US government has executed a transfer of approximately $2 billion worth of Bitcoin, previously seized in connection with the Silk Road case. The Silk Road, an infamous dark web marketplace, was shut down by the FBI in 2013, and its founder, Ross Ulbricht, was subsequently sentenced to life imprisonment.

The transaction was tracked and reported by blockchain analytics firm Arkham Intelligence. It noted the movement of funds from a wallet labeled “U.S. Government: Silk Road DOJ” to an untagged address.

This move comes amidst a backdrop of political statements regarding the handling of seized digital assets. Former President Donald Trump, who is currently running for office again, had recently declared at the Bitcoin 2024 conference that the US would retain 100% of seized Bitcoin if he were re-elected. He proposed the creation of a national “strategic Bitcoin stockpile,” a concept that aligns with his broader economic policies.

The market’s response to the government’s transfer was swift and noticeable. Bitcoin’s value experienced a drop of more than 2% within an hour of the transaction being made public. Prior to the transfer, Bitcoin had been trading at around $70,000 per coin but fell to approximately $66,000, marking a 4.6% decrease over 24 hours. However, the price has since shown signs of recovery.

The reasons behind the transfer remain unclear, and the US government has not released any official statements explaining the purpose or the destination of the funds. In the past, the government has auctioned off seized cryptocurrencies, but such transfers do not necessarily indicate an impending sale.

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