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Another transfer by the US government of originally seized Bitcoin from the notorious Silk Road has sparked widespread speculation on Wednesday, August 14. Blockchain analytics firm Arkham reported yesterday that 10,000 Silk Road BTC, valued at approximately $593.5 million, were transferred to Coinbase Prime, a platform used primarily for institutional investors. According to Arkham’s post on X: 10,000 Silk Road BTC ($593.5M) moved to Coinbase Prime. Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet.\u201d Is The US Gov Selling Bitcoin? This transaction comes on the heels of a June announcement from the US Marshals Service (USMS), part of the Department of Justice, detailing a new partnership with Coinbase Prime to provide custody and advanced trading services for the agency\u2019s \u201cClass 1\u201d (large cap) digital assets. The community is torn over whether these moves signify the selling of the Bitcoin or merely a transfer for custody purposes. Thus, many speculated that the US gov is not selling. Related Reading: Sovereign Wealth Funds Could Take Bitcoin To $148,000: Researcher However, Scott Johnsson, a finance lawyer and general partner at Van Buren Capital, expressed a distinct view today, arguing that the transaction signals a definitive sale of the seized assets by the US government. Johnsson remarked: \u201cYes, US Marshal Service (USMS) is almost certainly selling silk road Bitcoin […] USMS has been sending BTC to a custodial address required by the terms of the servicing agreement […] Given the agreement requires USMS assets remain completely segregated, whenever a transfer is ultimately made to CB prime (or other commingled exchange address), you can be sure USMS has already sold or is selling imminently.” Johnsson further supported his claim by referencing the DOJ’s Office of Inspector General (OIG) report and the crypto services agreement RFP, which stipulate the rapid liquidation of assets within five business days of forfeiture and the necessity of segregated wallet addresses to prevent co-mingling with other assets. It states: \u201cThe USMS intends to resolve this issue using its planned cryptocurrency services contract, which will require the contractor to liquidate cryptocurrency within 5 business days of the asset being forfeited.\u201d Related Reading: Analyst Warns: Bitcoin Nears Dangerous Territory \u2013 $40,000 On The Horizon? Johnsson anticipates that formal confirmation of these sales might not emerge until the publication of the DOJ’s Asset Forfeiture Program FY2024 report in January. However, the unfolding events could provide earlier indications as more details become available through official channels or subsequent asset movements. \u201cOfficial confirmation will definitively come (at the latest) upon the DOJ’s Asset Forfeiture Program FY2024 report in January, if not earlier. I also don’t think it’s a coincidence this began in earnest following the Trump speech.\u201d Users on X expressed their confusion regarding Johnsson’s analysis. Rodeo queried: \u201cThese coins were supposed to be sold by the end of last year[…] You\u2019re saying the act of transferring these coins to Coinbase from their current address is enough to imply selling because the Coinbase addresses are not completely segregated addresses?\u201d Responding to these concerns, Johnsson clarified: \u201cNot necessarily Coinbase alone (there’s an interim segregated custody step), but once they hit commingled addresses it’s reasonable to infer they’re sold. And yea, there was a backlog of forfeited BTC that was supposed to be sold already. Finalizing the services agreement appears to have been (at least part of) the hold up.\u201d Notably, the latest BTC transaction by the US government comes just a few weeks after Republican presidential candidate Donald Trump proposed to establish a \u201cstrategic national Bitcoin stockpile\u201d at the Bitcoin 2024 conference. After that, rumors emerged that Democrats under the lead of Kamala Harris could empty the BTC holdings by the US government from confiscations. While Harris pleads to take a more pro-crypto stance, several experts refuse this claim, based on the latest actions by her. At press time, BTC traded at $59,336. 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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/ktsl888.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Silk Road Bitcoin Are ‘Almost Certainly’ Sold By US Gov, Claims Lawyer","url":"http:\/\/ktsl888.com\/news\/bitcoin\/silk-road-bitcoin-almost-certainly-sold-by-us-gov\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/silk-road-bitcoin-almost-certainly-sold-by-us-gov\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-16-13.06.21-A-detailed-scene-featuring-a-Bitcoin-in-the-foreground-with-a-large-American-flag-in-the-background.-The-Bitcoin-is-depicted-realistically-with-its-d.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-16-13.06.21-A-detailed-scene-featuring-a-Bitcoin-in-the-foreground-with-a-large-American-flag-in-the-background.-The-Bitcoin-is-depicted-realistically-with-its-d.png?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin us government","btc","btc news","btc price","silk road","silk road. bitcoin","us government"],"dateCreated":"2024-08-16T14:30:18Z","datePublished":"2024-08-16T14:30:18Z","dateModified":"2024-08-16T14:30:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Silk Road Bitcoin Are ‘Almost Certainly’ Sold By US Gov, Claims Lawyer\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/silk-road-bitcoin-almost-certainly-sold-by-us-gov\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/silk-road-bitcoin-almost-certainly-sold-by-us-gov\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-16-13.06.21-A-detailed-scene-featuring-a-Bitcoin-in-the-foreground-with-a-large-American-flag-in-the-background.-The-Bitcoin-is-depicted-realistically-with-its-d.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-16-13.06.21-A-detailed-scene-featuring-a-Bitcoin-in-the-foreground-with-a-large-American-flag-in-the-background.-The-Bitcoin-is-depicted-realistically-with-its-d.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin us government\",\"btc\",\"btc news\",\"btc price\",\"silk road\",\"silk road. bitcoin\",\"us government\"],\"dateCreated\":\"2024-08-16T14:30:18Z\",\"datePublished\":\"2024-08-16T14:30:18Z\",\"dateModified\":\"2024-08-16T14:30:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-16-13.06.21-A-detailed-scene-featuring-a-Bitcoin-in-the-foreground-with-a-large-American-flag-in-the-background.-The-Bitcoin-is-depicted-realistically-with-its-d.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/635971"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=635971"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/635971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/635972"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=635971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=635971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=635971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/08\/BTCUSDT_2024-08-16_14-12-50.png?resize=3628%2C1675\")