$216 Million worth of Bitcoin, about 9861.17 Bitcoin sold by the US Government, that belonged to 50,000 BTC which were seized following the arrest of James Zhong. The remaining 41,490 BTC will be sold this year in four tranches.
Bitcoin selling by the US Government was done on March 09, 2023, and was noticed when US authorities transferred millions of worth of bitcoin to Coinbase.
Bitcoin sold by the US government were part of the 50,000 bitcoins that were seized in November 2022 followed by the arrest of James Zhong, who was accused of manipulating the transactions system on the dark web, and later he pleaded guilty to this wire fraud.
The US government has till now liquidated 9861.17 bitcoin worth $216 million and has further planned to liquidate the remaining 41,490 bitcoins over this year.
If the US plan is to be carried out smoothly, this selling will see 150 BTC sold every day on the crypto market.
The crypto market was spooked by such a high amount of fund flow creating high volatility but later adjusted to normal fluctuation.
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