USMS’s Bitcoin Liquidation Process
Recent blockchain activity points towards the United States Marshals Service (USMS) potentially liquidating Bitcoin seized from the infamous Silk Road case. Financial lawyer Scott Johnsson has connected recent Bitcoin transfers by USMS to a service agreement signed with Coinbase in June. This agreement requires USMS to transfer Bitcoin to escrow addresses, ensuring the segregation of USMS assets.
Indicators of Bitcoin Sale
Johnsson highlighted a crucial indicator of an ongoing or completed sale, which is the transfer of funds to a hybrid exchange address like Coinbase Prime. This transfer pattern suggests active liquidation of USMS’s Bitcoin holdings. The increased selling activity coinciding with recent speeches by former President Trump hints at a possible political element influencing the timing of these sales.
Awaiting Official Confirmation
Despite the compelling evidence from the blockchain, official confirmation of these sales may have to wait until a January report on the Justice Department’s fiscal year 2024 asset forfeiture program. Delays in finalizing a services agreement with Coinbase pushed back the completion timeline of the seized assets’ sale, initially scheduled for late last year.
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