Government's Bitcoin Sales Cost Taxpayers $18.5 Billion in Lost Value
Senator Cynthia Lummis investigates U.S. Marshals Service's controversial practice of selling seized Bitcoin assets, revealing $18.5 billion in unrealized losses. The investigation focuses on the Silk Road case and questions federal cryptocurrency management policies that may have disadvantaged American taxpayers.
Bitcoin Market Resilient: Analysis Shows $6.5B Silk Road Stash Sale Unlikely to Disrupt
CryptoQuant analysis suggests the potential sale of $6.5 billion in Bitcoin seized from Silk Road would have minimal market impact if handled through OTC trading. The cryptocurrency's massive growth in market capitalization provides sufficient cushioning against large-scale liquidations.
Crypto Market Tumbles as Bitcoin ETF Outflows Hit Record High
The cryptocurrency market extends its decline for the third day, with Bitcoin falling to $91,300 amid massive ETF outflows and macroeconomic concerns. Over 130,000 traders faced liquidations totaling $404 million as the total crypto market cap dropped 4.4% to $3.38 trillion.
DOJ Set to Liquidate $6.5B in Seized Silk Road Bitcoin
The U.S. Department of Justice received approval to sell 69,370 bitcoins worth $6.5B seized from the Silk Road dark web marketplace. The planned sale, citing Bitcoin's volatility, represents a significant portion of the government's crypto holdings and comes amid speculation over its timing relative to the 2024 election.
US Government Transfers $2 Billion in Seized Bitcoin to Coinbase
The US government has moved nearly 20,000 Bitcoin worth $2 billion to Coinbase Prime, marking one of its largest crypto transfers from Silk Road seizures. The transfer sparked market speculation but prices remained stable, while the government still holds substantial cryptocurrency assets.