In a filing made on March 31 with the US District Court for the Southern District of New York concerning the case against James Zhong, it was stated that authorities from the United States government had started liquidating approximately 51,352 Bitcoin (BTC) that had been seized in connection with the Ulbricht case. According to the document, on March 14, government officials sold approximately 9,861 Bitcoins for more than $215 million, retaining almost 41,491 BTC to be sold later.
US To Sell Silk Road Bitcoin
The filing further revealed that the government intended to off-load the remaining 41K BTC in four separate lots throughout the course of this calendar year. Considering Bitcoin’s price at the time of writing, this sale would translate to roughly $1.2 billion in favor of the US government.
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According to the court filing, the United States government was quoted as saying:
The Government understands [that the Bi
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