DoJ is Bitcoin-rich
One of the benefits (or challenges?) of the blockchain is its transparency. You can see the movement of crypto between wallets assuming you have the tools -ideal for anti-money laundering professionals and the heart of blockchain analytics firms’ services.
Blockworks reported yesterday that the 30,000 Bitcoin (nearly $2 billion USD) from the assets confiscated in the years-old “Silk Road” case was moved by the Department of Justice to a Coinbase wallet this week.
Blockworks adds, “The US government is known to have used Coinbase to sell off bitcoin connected to the Silk Road bust in the past. In June 2023, officials sold nearly 10,000 coins, which amounted to around $215M at the time of the sale.” Read more.
what you should know: If the Department of Justice holds on to (“hodl’s”) the 30,000 coins from Silk Road and the price of a Bitcoin reaches, say, $300,000, this total roughly equals the Biden Administration’s proposed taxes on crypto-related activities in 2025. AG Garland, you in?
crypto advocacy screed
The Cedar Innovation Foundation X account came to life yesterday with a screed on Securities and Exchange Commission Chair Gary Gensler and Prometheum. Continue reading “Billions In US Government Bitcoin Moved; Singapore Adding To Digital Assets Framework”