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

The USA authorities stated it bought 9,861.17 Bitcoin on March 14 for $215.7 million, in accordance with a March 31 court docket submitting.

In accordance with the court docket document, the bought BTC was a part of the 51,351 seized from James Zhong. Zhong pleaded responsible to wire fraud after the federal government arrested him for unlawfully acquiring digital property from the darkish internet market Silk Street by hacking.

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

The U.S. authorities stated it paid $215,738 as transaction charges whereas it has internet proceeds of $215.52 million.

In the meantime, the federal government added that it plans to liquidate the over 40,000 Bitcoin steadiness in 4 batches throughout this calendar yr. Nevertheless, it might not make additional gross sales till Zhong’s sentencing date.

On March 8, the U.S. authorities moved 49,000 Bitcoin — sending 9,861 BTC to Coinbase and the remainder to 2 new addresses. On the time, crypto neighborhood members feared that the actions would enhance the promoting stress on BTC.

Nevertheless, BTC’s value has gone from energy to energy in March, rising to over $29,000 on March 29. Within the final 30 days, BTC has gained greater than 22%.