The United States Government Has Sold Another 8,200 Bitcoin, According to Blockchain Data
Slowly but surely, the United States government is selling off all of its Silk Road-related bitcoins.
CryptoQuant’s on-chain experts have verified that the United States government has sold another big quantity of Bitcoin (BTC) linked to the now-defunct darknet marketplace Silk Road.
According to a report sent to CryptoPotato, the company purchased 8,200 BTC from suspected Silk Road hacker James Zhong on July 12.
This came in at a little under what was predicted, suggesting that the government had transferred about $9,826 from its known wallets. It’s also less than the $216 million the government made from the first verified sale of 9,861 BTC in March. In a single transaction totalling 9,319 BTC, 8200 BTC were transferred to one address and 1119 BTC were sent to another.
“Previously, this address forwarded the 8,200 Bitcoin to different addresses, [and] each address received 79 Bitcoin,” as stated by CryptoQuant. “These coins were ultimately deposited into exchanges or consolidated into a smaller number of wallets.” The second address containing 1119 BTC is suspected to be under government control, although this has not been proven.
According to the company, the government still has 195,307 BTC in its possession. These are connected to the Bitfinex hack and other criminal actions involving seizures.