U.S. government sold over 9k BTC for $215.7M on March 14

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The Unit­ed States gov­ern­ment said it sold 9,861.17 Bit­coin on March 14 for $215.7 mil­lion, accord­ing to a March 31 court filing.

Accord­ing to the court doc­u­ment, the sold BTC was part of the 51,351 seized from James Zhong. Zhong plead­ed guilty to wire fraud after the gov­ern­ment arrest­ed him for unlaw­ful­ly obtain­ing dig­i­tal assets from the dark net mar­ket­place Silk Road through hacking.

In 2022, the gov­ern­ment sought the for­fei­ture of the seized BTC from Zhong.

The U.S. author­i­ties said it paid $215,738 as trans­ac­tion fees while it has net pro­ceeds of $215.52 million.

Mean­while, the gov­ern­ment added that it plans to liq­ui­date the over 40,000 Bit­coin bal­ance in four batch­es dur­ing this cal­en­dar year. How­ev­er, it would not make fur­ther sales until Zhong’s sen­tenc­ing date.

On March 8, the U.S. gov­ern­ment moved 49,000 Bit­coin

How­ev­er, BTC’s price has gone from strength to strength in March, ris­ing to over $29,000 on March 29. In the last 30 days, BTC has gained more than 22%.

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