Source: The US government has been authorized to dump nearly 70,000 BTC confiscated from the 'Silk Road'

According to DB News, a news aggregator on X (Twitter), the US government has been approved to liquidate approximately 69,000 BTC (currently worth $6.5 billion) confiscated from the Silk Road. If dumping begins, it may cause certain price fluctuations in the BTC market in the short term and raise concerns about policy and market confidence.

DB: The US government may start dumping $6.5 billion worth of BTC

DB's latest tweet this morning:

A US government official confirmed today to DB News that the authorities have given the green light to the liquidation of approximately 69,000 BTC (worth $6.5 billion) confiscated from the Silk Road.

It is reported that the 'Silk Road' was once the most valuable e-commerce platform in the dark web, created by Ross Ulbricht in 2011. The website was taken down by the FBI in 2013 for selling drugs, and Ulbricht was sentenced to life imprisonment without parole for conspiring to distribute drugs and conspiring to commit money laundering.

The US court confirmed at the end of 2023 that a huge amount of cryptocurrency on the Silk Road, including 69,370 BTC, as well as other cryptocurrencies such as Bitcoin Gold (BTG), Bitcoin SV (BSV), Bitcoin Cash (BCH), were confiscated.

(BTC enters the national treasury! The US court officially confiscated Silk Road case BTC: nearly 70,000 BTC)

Trump's inauguration is imminent, Biden's final act?

It is worth mentioning that there are less than two weeks left until the current US President Biden leaves office; facing the soon-to-be inaugurated new president Trump, who is generally regarded as crypto-friendly, the current government's accelerated liquidation at such a sensitive time has also sparked many speculations:

Interestingly, less than two weeks before the new government takes office, the new government has pledged not to dump these BTC.

Of course, even with such a clear stance on encryption, it is still unknown whether Trump will fulfill his promise in the end.

(Trump says the United States must become a leader in the field of encryption, promising to commute the sentence of the founder of the Silk Road)

This article Source: The US government has been authorized to dump nearly 70,000 BTC confiscated from the 'Silk Road', as reported by Chain News ABMedia.