Silk Road's Confiscated Bitcoins Will Most Likely Be Sold By US Marshal

Bittime - Silk Road's confiscated Bitcoin will likely be sold by US Marshal. This news is still just a claim.

However, the claims mentioned by the United States financial lawyer raise questions regarding market conditions which are still unstable.

Will the decision to sell Silk Road's confiscated Bitcoins be the right move?

Silk Road Seized Bitcoins For Sale

American financial lawyer Scott Johnsson stated that the US Marshals Service (USMS) is most likely in the process of selling Bitcoin confiscated from the famous Silk Road market.

Johnsson expressed this opinion based on a services agreement signed between USMS and Coinbase in June. 

According to him, this agreement indicates that when Bitcoin arrives on Coinbase Prime, it will be a clear sign that USMS has sold or plans to sell those assets.

USMS Agreement with Coinbase

Johnsson explained that USMS had moved Bitcoin to a custodian address in accordance with the terms of the agreement.

"Because the agreement requires that USMS' assets remain completely separate, whenever a transfer is made to CB Prime (or another combined exchange address), it can be assured that USMS has sold or will soon sell," Johnsson wrote.

Official confirmation of the transaction will likely come in the Justice Department's Asset Forfeiture Program report for fiscal year 2024, which is expected to be released in January. 

Johnsson also hinted at a political motive behind the timing of the sale, implying that President Joe Biden's administration might move forward with the move without delay.

Contradictory Views

However, not everyone agrees with Johnsson's interpretation. Ryan Lee, chief analyst at Bitget Research, thinks that despite initial concerns, Silk Road's Bitcoin is unlikely to be sold.

These differences of opinion reflect broader uncertainty and speculation among the crypto community regarding government-owned Bitcoin and its potential impact on the market.

According to onchain analytics firm Arkham Intelligence, the US government moved nearly $600 million worth of Bitcoin to Coinbase on August 15. The Bitcoins are sent to the Coinbase Prime deposit wallet.

Historically, large transactions by significant holders, known as “whales,” can have a major impact on Bitcoin's price. Investors often monitor these transactions to anticipate potential selling pressure.

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