US Government Controls Bitcoins Worth Over $8 Billion | BasEx News
Value of Bitcoin Held by the U.S. Government Exceeds $8 Billion
Value of Bitcoin Held by the U.S. Government Exceeds $8 Billion

According to Blockworks analysts, the U.S. government holds approximately 200,000 BTC, valued at $8.4 billion.

In the last three months, the value of these assets increased from $5 billion, thanks to a significant rise in the price of Bitcoin.

The 207,189 BTC, seized between 2020 and 2022, are linked to the darknet marketplace Silk Road, hacker James Zhong, and the Bitfinex exchange hackers. In March of the previous year, less than 5% of these funds, or 9,861 BTC, were sold.

These transactions brought in $215 million at an average price of $21,800 per Bitcoin, which is half the current market value, Blockworks experts emphasize.

Court documents indicate plans to sell the remainder of the coins confiscated from James Zhong in November 2021. A year later, he pleaded guilty to their illegal acquisition on Silk Road.

The U.S. Department of Justice reports that in September 2012, Zhong carried out a fraudulent operation using fake accounts to make deposits of 200 to 2,000 BTC and then quickly withdraw them in an increased amount. He conducted over 140 such operations, yielding him about 50,000 BTC.

Currently, the government has about 41,491 BTC left to sell, which will be executed in four stages over the year. The second stage of liquidation will not begin until Zhong's sentencing, according to the documents.

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