- The US authorities seized 3,940 Bitcoin (value $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 just lately moved to a Coinbase Prime pockets handle, sparking fears of a doable sell-off.
The final time the US authorities moved seized Bitcoin to an change handle was in 2022, when it offloaded $216 million value of confiscated Silk Highway Bitcoin. On the time, the sale exerted vital promote stress on Bitcoin’s worth and the broader cryptocurrency market, and merchants are involved the identical might occur once more.
The crypto market has declined just lately on account of developments like Mt. Gox’s plans to repay its collectors and basic uneven situations.
After the information broke, Bitcoin fell under the $61k degree however has since climbed again to $61,400.
