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Date:
06th Nov 2020
Author:
CryptoAltum Research Team

US Feds Take Control of $1 Billion Worth of Bitcoin

The United States Department of Justice said Thursday it has over a Bitcoin wallet with nearly $1 billion of coins linked to the proceeds of the infamous Silk Road. According to U.S. Attorney David Anderson, authorities managed to crack open the file containing the private keys of the wallet with the help of one hacker only identified as “Individual X.”


Details: 

Early this week a single transaction moved nearly $1 billion worth of Bitcoin to an unidentified wallet. The persons behind that transaction have now been identified as US Feds. The stash belonged to a website controlled by Ross William Ulbricht who is now serving a double life sentence. While this is massive for authorities and the DoJ as it brings to a close a case that has been dragging for the last five years, it will be bad news for Bitcoin whose prices soared past $15,000 on Nov 5.


Impact on the BTC Price: 

Bearish. US authorities will likely dump the stash, selling coins to the highest bidder just like they did in the past when Tim Draper managed to buy a tidy sum of the Silk Road coins. As long as the buyer doesn’t liquidate and hold, prices may steady at spot rates.


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