- Scott Johnson argues that the USMS Bitcoin transaction is an indication of promoting stress.
- The attorneys level to a earlier settlement between USMS and Coinbase Prime.
- Johnson stated the transfer could have been spurred by Donald Trump's endorsement of Bitcoin.
The U.S. Marshals Service not too long ago moved 10,000 Bitcoins believed to be associated to the Silk Highway seizure, sparking discussions that the federal government could also be promoting off the Bitcoins. Monetary lawyer Scott Johnson has cited earlier transactions with Coinbase Prime to argue that the strikes point out an upcoming sale.
Underscoring his level about USMS' bitcoin exercise, Johnson famous the connection to USMS' earlier settlement with Coinbase. Based on the phrases of the settlement, which started in June, if USMS' belongings had been transferred to Coinbase Prime, it might sign a divestiture. Johnson added that USMS' belongings remained sequestered previous to the transition to BTC, so the transfer signifies a divestiture has both already begun or is imminent.
Johnson additionally famous that Coinbase might not be the one doable trade. He defined that transferring funds to a blended trade tackle may very well be a sign of a sell-off. He even prompt that a few of the seized bitcoin could have already been offered.
Johnson additional commented that the USMS Bitcoin sale could have been spurred by former President Donald Trump's loud endorsement of Bitcoin throughout his election marketing campaign, and famous the irony that the transfer coincided with Vice President Kamala Harris' Crypto4Harris occasion earlier this week, thus not directly stating the political dimension of the USMS Bitcoin switch.
In 2022, the Division of Justice (DoJ) introduced the historic seizure of over 50,000 Bitcoins in reference to the Silk Highway darkish net web market. In late July 2024, Arkham Intelligence uncovered a mysterious switch of 29,800 BTC, valued at almost $2 billion, to 1 tackle. As extra transactions had been reported, analysts speculated that the motion could also be linked to the seized funds.
Earlier this week, it was reported that 10,000 Silk Highway Bitcoins had been moved from the USMS to Coinbase Prime, and Johnson estimates that official affirmation of the transaction is anticipated to be launched by January 2025 within the Division of Justice's FY2024 Asset Forfeiture Program Report.
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