US Gov’t Sells 8,200 BTC: On-Chain Data Confirms

21. Juli 2023 Aus Von admin

• The US government recently sold 8,200 BTC from Silk Road hacker James Zhong on July 12.
• CryptoQuant has confirmed the sale was slightly lower than previous estimates, with 9,319 BTC moved in a single transaction.
• The government still holds 195,307 BTC related to other criminal seizures.

US Government Sells Bitcoin

The US government is slowly but surely ridding itself of its Bitcoin connected to Silk Road. On-chain analysts at CryptoQuant have confirmed that the government has sold another large batch of Bitcoin (BTC) connected to the defunct darknet marketplace on July 12th.

Confirmed Sale

CryptoQuant reported that the firm sold 8,200 BTC from Silk Road hacker James Zhong. This was slightly under previous estimates indicating that the government had moved roughly 9,826 from its known wallets; less than their first confirmed sale of 9,861 BTC for $216 million in March. Most of the coins were moved in a single transaction of 9,319 BTC and sent to two different addresses; one address forwarded 8200 BTC and the other 1119 BTC which is believed to be controlled by the government.

Remaining Balance

The firm said that the US government still holds 195,307 BTC related to other criminal incidents including the Bitfinex hack. These remaining funds are being closely monitored by on-chain analysts as it’s possible they could be sold off too in future transactions.

On-Chain Data Confirms

On-chain data confirms that this latest sale was conducted in line with what many expected and provides further insight into how much Bitcoin is held by various entities associated with past criminal activity such as Silk Road or even more recent events such as the Bitfinex hack. It also reveals how governments may be taking advantage of high prices for their seized funds if they plan to liquidate them all at once instead of gradually over time like some reports suggest they have been doing already behind closed doors.

Conclusion

The latest news regarding this US Government sale confirms that they are actively selling off their seized Bitcoin and suggests that there could be more sales in future if market conditions remain favorable for them to do so without causing any major disruption or price dips among investors who want to buy up these newly available coins at discounted rates before anyone else can get their hands on them first!