After a break of about four months, the US government transferred some of the Bitcoin it had previously seized from the “Silk Road DOJ Confiscated Funds” wallet.
While this move sparked speculation among industry experts, James Seyffart, a senior ETF analyst at Bloomberg, suggested that the transfer could be part of a strategic wallet realignment to ensure the safekeeping of confiscated Bitcoins.
Silk Road DOJ Confiscated Funds refers to Bitcoin seized by the US Department of Justice (DOJ) during the crackdown on the infamous Silk Road market.
Coinbase, a leading cryptocurrency exchange, announced on July 2 that the US Marshals Service (USMS), the asset seizure agency of the US Department of Justice, has selected Coinbase Prime to provide custody and advanced trading services for its “Class I” digital assets. had announced.
Class I assets represent large assets centrally managed by USMS to support federal law enforcement activities.
Seyffart thinks that the last transfer in question is not a sales move, but a reorganization made by the US Department of Justice to hide these assets.
*This is not investment advice.