Current blockchain exercise means that the US Marshals Service (USMS) could also be within the technique of liquidating Bitcoin seized from the notorious Silk Highway case.
Finance lawyer Scott Johnsson has make clear the USMS’s current Bitcoin transfers, connecting them to a servicing settlement with Coinbase signed in June.
USMS transferring Bitcoin to a custodial deal with
In keeping with Johnsson, the USMS has been transferring Bitcoin to a custodial deal with as required by this settlement, which stipulates full segregation of USMS belongings.
The important thing indicator of an imminent or accomplished sale, Johnsson notes, is when these funds are transferred to a commingled trade deal with, similar to Coinbase Prime. This switch sample means that the USMS is actively liquidating its Bitcoin holdings.
Not essentially CB alone (there’s an interim segregated custody step), however as soon as they hit commingled addresses it’s cheap to deduce they’re bought. And yea, there was a backlog of forfeited BTC that was alleged to be bought already. Finalizing the providers settlement seems to…
— Scott Johnsson (@SGJohnsson) August 16, 2024
Apparently, Johnsson factors out that this promoting exercise intensified following former President Trump’s current speech. This doubtlessly signifies a political dimension to the timing of those gross sales.
He additionally references a Division of Justice Workplace of Inspector Common audit report and sure court docket orders that will have foreshadowed this transfer.
Whereas official affirmation of those gross sales might not come till the DOJ’s Asset Forfeiture Program FY2024 report in January, the blockchain proof presents a compelling case.
The sale of those seized belongings was initially slated for completion by the tip of final 12 months, however delays in finalizing the providers settlement with Coinbase seem to have pushed the timeline.
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