US Government Transfers Confiscated BTC to Coinbase
The US government has transferred nearly $4 million worth of Bitcoin (58.742 BTC) to the cryptocurrency exchange Coinbase. This transfer, according to blockchain analytics firm Arkham Intelligence, originated from an address labeled “US Government: Ryan Farace Seized Funds.” The funds were confiscated from Maryland resident Ryan Farace, who was convicted in 2018 for selling Alprazolam on the dark web.
Legal Actions Against Farace Family
Following Ryan Farace’s conviction, his father Joseph Farace was also found guilty of laundering and trafficking Bitcoin proceeds. The Department of Justice was able to recover 2,933 BTC from the father-son pair. Both individuals received prison sentences, with Ryan Farace being sentenced to 54 months and his father receiving 19 months for the same charges.
Plans for Liquidation
The Department of Justice announced plans to liquidate the recovered Bitcoin holdings in January of this year. The decision to transfer the funds to Coinbase indicates the government’s intent to convert the cryptocurrency into cash. This move marks a significant step in the legal process of seizing and handling assets related to criminal activities.
The Impact of Germany’s Bitcoin Sale on the Market
Germany’s Saxony state recently made headlines by selling off a large amount of confiscated bitcoins, resulting in a significant impact on the spot price of the cryptocurrency. The state had seized nearly 50,000 BTC from a movie piracy website and managed to generate almost $2.87 billion from the sale.
Despite the impressive profit of over $740 million, the sudden influx of bitcoins into the market caused bearish pressure and led to a temporary drop in bitcoin’s price to below $55,000. However, at the time of writing, BTC has managed to stabilize around $67,000, where it has remained for the past week.
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