- The US authorities seized 3,940 bitcoins (price $240 million) from a Silk Highway vendor following a January 2024 trial.
- A pockets designated by the US authorities has simply transferred all of its bitcoins to a Coinbase account, sparking fears of a significant sell-off.
Some 3,940 bitcoins seized from Silk Highway drug trafficker Banmeet Singh in January had been lately moved to a Coinbase Prime pockets handle, sparking fears of a attainable sell-off.
The final time the US authorities moved seized bitcoins to an trade handle was in 2022, when it offloaded $216 million price of seized Silk Highway bitcoins. On the time, the selloff put important promoting stress on the worth of Bitcoin and the broader cryptocurrency market, and merchants are involved that the identical may occur once more.
Lately, the crypto market has fallen on account of occasions similar to Mt.Gox’s plans to repay collectors and basic risky conditions.
Bitcoin dipped beneath the $61,000 degree after the information broke, however has since rebounded to $61,400.