Billion Dollar Bank Account
There was much speculation surrounding the recent enormous bitcoin transfer worth around $1 billion USD. At first, many believed this to be a transaction executed by hackers who stole the money. This would’ve made it the largest heist in modern history. In actuality, the U.S. government was the one behind it all.
It’s well-known that cryptocurrencies have been used for sketchy and illegal transactions due to its innate anonymity. Years back, one of the biggest marketplaces to use your cryptocurrency was an online black market called Silk Road, which was shut down in 2013 with the prosecution of Silk Road’s founder Ross Ulbricht.
When Ulbright was charged, only $28.5 million was seized. Silk Road’s major success made it difficult to believe that there was nothing else for the Justice Department to take. Where was the rest of the money? In a bitcoin wallet with a reported sum of $1 billion, apparently.
The U.S Justice Department seized a total of 69,369 bitcoins from the fourth richest wallet in the world. With the price of bitcoin breaching $15,000USD in Thursday trading, it’s crazy to think that so many bitcoins were stashed up in a dormant wallet for years.
In the past, the Justice Department has auctioned off the seizures of different cryptocurrencies and this time should be no different. It’s important to know that these auctions don’t come right after the fact and it could take months before we see the government make a move of any kind.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.