Details of the US Marshals Service and Coinbase Deal: Seized Bitcoins to be Sold
According to US finance attorney Scott Johnsson, the US Marshals Service (USMS) is most likely selling Bitcoin that was taken from the notorious Silk Road marketplace. The USMS and Coinbase inked a service agreement in June, which serves as the foundation for Johnsson’s claims.
Johnsson asserts that this arrangement shows that the USMS has either sold or is preparing to sell these assets once Bitcoin reaches Coinbase Prime. Johnsson clarified that, in compliance with the terms of the agreement, the USMS has started transferring Bitcoin to a custodial address.
Given the agreement requires USMS assets remain completely segregated, whenever a transfer is ultimately made to CB prime (or other commingled exchange address), you can be sure USMS has already sold or is selling imminently,
Johnsson
Will Silk Road Bitcoins Be Sold? Divergence of Opinion Among Experts
Formal confirmation of the transactions will be provided, at the latest, in January, when the Department of Justice releases its Asset Forfeiture Program report for the fiscal year 2024. Johnsson also made the suggestion that the Joe Biden administration may carry on with these purchases without stopping, implying that there were political undertones to their timing.
Not everyone, though, concurs with Johnsson’s analysis. Chief analyst at Bitget Research, Ryan Lee, thinks it’s unlikely that Silk Road Bitcoin will be sold, even with the early worries. The larger skepticism and conjecture in the cryptocurrency community about government-held Bitcoin and its possible market impact are reflected in this disagreement between viewpoints.
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