- DOJ confirmed the U.S. has not sold the forfeited 57.55 BTC and will hold it in the Strategic Bitcoin Reserve.
- The statement reassures markets and signals continued government Bitcoin accumulation, not liquidation.
The U.S. Department of Justice has confirmed that about 57.55 BTC, worth around $5.47 million, which was seized by the U.S. government from the founders of the Samourai wallet, has not been sold.
On-Chain Movements Spark Debate Over U.S. Policy on Holding Seized Bitcoin
The Samourai Wallet co-founders, Keonne Rodriguez and William Lonergan Hill, ran a cryptocurrency mixing service for illicit activities, and prosecutors said the service processed $200 million in illicit transactions. They pleaded guilty and agreed to give their 57.5 Bitcoin, which was worth around $5.47 million.
The confusion rises among the people because some reports said that Bitcoin had been moved on the chain and might have been sold. Some even suggested that this move has contradicted the whitehouse policy of holding the seized bitcoin. This creates massive pressure on the United States Marshal Service (USMS), which manages all the seized assets.
The U.S. Marshals Service has denied the allegation of selling Bitcoin. They say no liquidation occurs, and it is not easy to sell the seized crypto, as it has multiple levels of approvals. Only assets that meet strict criteria under Executive Order 14233 can be sold.
On Jan 16, the White House digital assets advisory team shared a direct DOJ confirmation that Bitcoin has not been liquidated and it will instead be kept on the U.S. government’s balance sheet, which means it is being held as part of the U.S. Strategic Bitcoin Reserves.
This removes the fear that the government will dump Bitcoin in the market, and it shows the U.S. government is seeing Bitcoin as a valuable asset, and it also makes the Bitcoin price stable in the long run.
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Source: https://thenewscrypto.com/u-s-government-retains-forfeited-bitcoin-under-strategic-reserve-policy/