The US government has recently transferred 10,000 Bitcoin, originally seized from the infamous Silk Road, to Coinbase Prime, a platform primarily used by institutional investors.
The US government has transferred 10,000 Bitcoin, originally seized from Silk Road, to Coinbase Prime. This move, valued at approximately $593.5 million, has sparked speculation about the government's intentions.
According to blockchain analytics firm Arkham, the Silk Road Bitcoin was moved from a US government wallet to Coinbase Prime. The community is now debating whether this indicates a sale or merely a custodial transfer.
This activity follows the US Marshals Service’s (USMS) June announcement of a new partnership with Coinbase Prime to manage large-cap digital assets, raising questions about the true nature of these recent moves. Finance lawyer and general partner at Van Buren Capital, Scott Johnsson, asserts that this signifies a definitive sale of the seized assets. According to Johnsson, the terms of the agreement with Coinbase Prime require that USMS assets remain separate and that transfers to Coinbase Prime imply an imminent sale.
Johnsson references the Department of Justice’s Office of Inspector General report and the crypto services agreement RFP, which mandate the liquidation of assets within five business days of forfeiture to support his claims. He suggests that formal confirmation of these sales might be revealed in the DOJ’s Asset Forfeiture Program FY2024 report in January, but earlier indications could appear as more details emerge.
The latest transaction occurs in the context of recent political discussions. Republican presidential candidate Donald Trump has proposed establishing a “strategic national Bitcoin stockpile,” while rumors suggest that Democrats, led by Kamala Harris, might deplete the government’s Bitcoin holdings. Despite Harris’s calls for a more pro-crypto stance, experts remain skeptical
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