The US government has sold $216 million of Bitcoin seized from Silk Road.
The US government has announced that it will sell the remaining 41,490 BTC seized from Silk Road in 4 parts. Details of the incident emerged in a court file.
The US Government Will Sell The Remaining Bitcoin From Silk Road In 4 Pieces
According to a court filing, the US government sold 9,861.17 Bitcoin (BTC) for approximately $216 million on March 14.
The Bitcoin sold was followed by the arrest of James Zhong, who pleaded guilty to electronic fraud after the government alleged that he had manipulated the transaction system on the darknet market Silk Road in 2012. Part of the 50,000 BTC seized in November.
The filing said the government plans to liquidate the remaining 41,490 Bitcoins (BTC) in four tranches during this calendar year.
Cryptocurrency investors panicked after seeing US officials transfer $200 million worth of Bitcoin to Coinbase on March 9. As a result, price action was volatile and rallied as much as 9.7 percent in a 24-hour period before returning to the pair.
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