U.S. Government Holds a Staggering $5 Billion Worth of Bitcoin

A WSJ report cites that the US Government has seized over 200,000 Bitcoin since 2022 which is currently held by different agencies.
U.S. Government Holds a Staggering $5 Billion Worth of Bitcoin
U.S. Government Holds a Staggering $5 Billion Worth of Bitcoin

The US government is holding hardware wallets containing more than $5 billion in Bitcoin that were taken from various cybercriminals and unlawful operations.

According to a Wall Street Journal report, the US government is one of the biggest Bitcoin holders, having amassed over 200,000 BTC, which are under the jurisdiction of departments including the Justice Department and the Internal Revenue Service.

The government still owns more than $5 billion worth of cryptocurrency despite selling 20,000 Bitcoin, according to the article, which also notes that the actual size of the total Bitcoin stash is probably considerably more than anticipated.

The government has at least 215,000 BTC from three significant seizures, including 69,369 from the dark web marketplace Silk Road, 94,643 from Bitfinex hackers, and 51,326 from James Zhong, the Silk Road fraudster who is presently doing time in prison.

pasted imagedd 0 3
US Government Bitcoin Seizures – 21co, Dune Analytics 

Investors in cryptocurrencies closely watch the holding of these assets. The crypto community has been interested in the subject since the government’s potential sale or transfer of Bitcoin might have a significant impact on the market.

However, the US government does not wish to keep onto the stockpile in order to sell it later or to make a profit. In order to move or access these seizures, agencies must go through protracted legal procedures that might take years.

Additionally, these assets are given to the US Marshal Service, which is in charge of managing the sale of seized government property, only after a court order.

More From The Kangaroo Times

Total
0
Shares
Related Posts
Total
0
Share