US Govt file public notification of sale of ~$130 Million in BTC from Silk Road

Minor Miner

legendary

Activity: 2268

Merit: 1011

Be A Digital Miner

Quote from: DapanasFruit on January 28, 2024, 02:49:35 AM

I am just wondering where is the proceeds of this transaction will go to? I am assuming it must be to the national treasury and the government can use to anything it wish to, right? Anyway, I am not convinced that this sell - actually it is a bidding so no selling the BTC in the open market - will have an impact in the price of Bitcoin short-term or long-term. This is just a news of the government getting rid of something they acquired or confiscated.

Whatever they sell on the open market or they use OTC that doesn't mater.

is $130M a big number?

the significant daily sale by Grayscale is amounting to 5x than the so-called $130M sale related to Silk Road forfeitures. Where such consistent large-scale sales from Grayscale struggle to influence potential short-term price movements, $130 million is the equivalent of dust compared to the Grayscale dump!

By the way, don't you guys know what is the per-day transaction of Bitcoin?

look coinmarketcap, more than ~16 Billion bitcoins are traded every day and we are speculating with their 130M dust LoL... Cheesy

DapanasFruit

member

Activity: 1204

Merit: 49

Binance #Smart World Global Token

I am just wondering where is the proceeds of this transaction will go to? I am assuming it must be to the national treasury and the government can use to anything it wish to, right? Anyway, I am not convinced that this sell - actually it is a bidding so no selling the BTC in the open market - will have NO impact in the price of Bitcoin short-term or long-term. This is just a news of the government getting rid of something they acquired or confiscated.

Tuclikk

jr. member

Activity: 76

Merit: 3

Technically, it's a lot of money but comparing it to the institutions, it's definitely peanuts. If we see the impact of it, there could be a slight move but compared to what the institutions sell-offs and buy orders. There is no doubt that they've got that much. And if the seized one are going to be sold, it is for sure that many would come to take it as it's like cleaned already by the government as it's obviously because it came from them. WHat matters there is the amount of Bitcoin that will be put up on sale.

Ale88

legendary

Activity: 2380

Merit: 2369

There already is this thread about this sale: https://bitcointalksearch.org/topic/--5483020

kro55

sr. member

Activity: 1610

Merit: 301

*STOP NOWHERE*

Today I read the news the govt of USA took a decision to sell approximately $130 million worth of BTC linked to Silk Road forfeitures.

Source: fintelegram.com

They are focusing on ongoing legal repercussions which are associated with illegal activities. Those BTC linked to Ryan Farace aka Xanaxman and Sean Bridges both of them are part of a larger effort to combat money laundering and suspicious transactions. Farace and his father Joseph, who were convicted of conspiracy to commit money laundering, and they tried to transfer a vast sum of BTC to an overseas account.

US government’s investigation team found a hidden connection to Bridges, who is a former Secret Service agent involved in the Silk Road investigation, his name adds more complexity to the case. The court ordered them to forfeit their bitcoin, Although Bridges agreed to return the stolen bitcoins to US agents, Farace and his father claimed not to have access to the bitcoins used for darknet transactions, lol..

What do you think, how will be the impact of the market, good or bad?

looks like they have enough resources to make the bottoms they want. Roll Eyes

Topic: US Govt file public notification of sale of ~$130 Million in BTC from Silk Road (Read 87 times)