- The US authorities seized 3,940 Bitcoin (price $240 million) from a Silk Highway vendor after a trial in January 2024.
- The pockets tagged to the US authorities simply moved all of the Bitcoin to a Coinbase account, sparking fears of a significant sell-off.
About 3,940 Bitcoin that was seized from a Silk Highway narcotics trafficker, Banmeet Singh, in January was not too long ago moved to a Coinbase Prime pockets handle, sparking fears of a attainable sell-off.
The final time the US authorities moved seized Bitcoin to an trade handle was in 2022, when it offloaded $216 million price of confiscated Silk Highway Bitcoin. On the time, the sale exerted important promote strain on Bitcoin’s worth and the broader cryptocurrency market, and merchants are involved the identical might occur once more.
The crypto market has declined not too long ago as a result of developments like Mt. Gox’s plans to repay its collectors and normal uneven circumstances.
After the information broke, Bitcoin fell beneath the $61k stage however has since climbed again to $61,400.
