US government sells 41,500 Bitcoin ($1.18 billion) connected to Silk Road

Because of its long history of seizures, the US government is one of the largest holders of bitcoin. As of March 27, according to court documents, the US government has more than 2,05,000 BTC in its possession. The figures showed that the US government is the largest holder of BTC.

Initially, the US government confiscated Bitcoin controlled by person X, who is connected to the Silk Road marketplace. This left the US government with 69,369 BTC. It was also followed by the seizure of 50,000 bitcoins from James Zhong, who is again connected to the Silk Road.

Now, according to the details of the latter court documents,the US government plans to sell 41,500 Bitcoins connected to Silk Road.

US government sells 41,500 Bitcoin

According to the details in the court documents, the government plans to sell bitcoin in four different batches this year. The details revealed that the government had begun liquidating 51,351.89 bitcoins that had been forfeited in the Ulbricht case.

The government sold 9,861 BTC on March 14, 2023 for a total of $215 million. The government plans to liquidate the rest of the 41,490.72 BTC in four different batches this calendar year. The value of 41,490.72 BTC at the time of writing is $1.18 billion according to the current price of BTC from $28,448.