The US government has revealed its plans to offload a significant portion of its Bitcoin (BTC) holdings. This move has raised concerns in the crypto community, considering how much selling pressure this could add to what the crypto market is already facing.
US Government To Sell $130 Million Worth Of Bitcoin
The Department of Justice (DOJ) gave notice of its intent to dispose of over $130 million worth of Bitcoin. These crypto assets form part of what had been forfeited to the government in its case against Joseph Farace. The DOJ specifically noted that it had seized almost 2875 BTC from Farace and Sean Bridges and an additional 58.7 BTC from Farace alone.
Farace, also known as the Xanaxman, had ties to the Silk Road as he pled guilty to manufacturing and distributing alprazolam on the dark web marketplace. The Bitcoin confiscated from him forms a portion of the over 69,369 BTC, which the US government is believed to have recovered as proceeds from Silk Road.
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