... [+]AFP via Getty Images
The almost 10,000 bitcoin sold by the U.S. government in March is part of a haul of 50,000 bitcoin seized following the arrest in November of James Zhong, who pleaded guilty to wire fraud after the government alleged he manipulated the transaction system of the darknet market Silk Road in 2012—claimed to be the latest ever bitcoin seizure.
The remaining 41,000 bitcoin—worth $1.1 billion—are"expected to be liquidated in four more batches over the course of this calendar year," according to the courtIn March, it was noticed that bitcoin in wallets associated with the seized Silk Road funds had been transferred to a Coinbase address, which received almost 10,000 bitcoin.
The move spooked the market and raised eyebrows among analysts as the U.S. has historically preferred selling seized bitcoin and crypto via public auctions.
Not a smart move
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