Dec 16, · US Government Selling Bitcoins Seized From Dark Web Seller The United States government has been granted permission to sell off hundreds of units of cryptocurrency seized by law enforcement from a Author: AJ Dellinger. Dec 22, · The United States government has been given the green light to unload about Bitcoins together with Bitcoin Cash. This is after a Utah-based federal judge filled in the necessary paperwork, therefore giving consent for the government to auction the digital currency while the market is still hot. Valued at around $, at the time the authorities seized the funds, their worth has. The US Government Seized 69, Bitcoins Worth $1 Billion News / According to Bloomberg’s report, the US Justice Department has seized 69, Bitcoins currently worth over $1 billion. Besides Bitcoins, the department also took holding Bitcoin Cash, Bitcoin Gold, and Bitcoin SV.
Us government selling bitcoinsUS Government to Sell Off $10 Million in Seized Bitcoin and Bitcoin Cash - CoinDesk
Shamo, who was named along with six co-conspirators and has been charged with 12 different counts of criminal activity, pleaded guilty to all charges but still had his assets—including the stash of cryptocurrency—seized by U.
Given the wild fluctuations that occur in cryptocurrency markets, the cache of Bitcoin and Bitcoin Cash qualifies—at least according to U. Once the collection of seized cryptocurrencies are sold off, the profits generated from the sales will be held at the Treasury Executive Office for Asset Forfeiture.
Other seizures include Bitcoins from a Texas drug dealer, In doing so, they confiscated , Bitcoins. One of the buyers of the auctioned coins is Bitcoin magnate Tim Draper, who has no plans to sell them any time soon. Of course, federal law enforcement agencies were embarrassed , to say the least, when they discovered Secret Service agent Shaun Bridges and DEA agent Carl Force had become criminals themselves.
During the investigation of Ulbricht, they had stolen some of his Bitcoins and had attempted to extort more out of him. In the end, they might even drop out of circulation.
Earlier this year, Arvind Narayanan, a professor at Princeton, conducted research about coins that are burnt and forever unspendable. Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of bitcoin. Your Money. Personal Finance. Your Practice. Popular Courses. News Markets News. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.