Even if the news is true, the Department of Justice cannot sell the Bitcoin it holds in the short term.
Author: Jessy, Golden Finance
On the morning of January 9, as the market declined, major cryptocurrency media reported a bearish piece of news stating that "the U.S. Department of Justice has approved the sale of $6.5 billion worth of Silk Road Bitcoin seized from the dark web." Following this news, Bitcoin dropped below $94,000.
As if it weren't enough, the cries of despair echoed throughout the community. However, after verifying this news, Golden Finance found that the credibility of the news source is low, and the reporter could not find any official confirmation from the U.S. Department of Justice. Even if the news were true, based on past procedures for the Department of Justice's sale of seized Bitcoin, it would essentially be impossible for the Department to sell these Bitcoins in the short term, that is, before Trump takes office. Trump has already promised that during his presidency, the U.S. will not sell any Bitcoin.
In summary, the U.S. Department of Justice will not actually sell Bitcoin at this stage, and it will not create selling pressure in the market.
There is only one source of information
According to reports from major cryptocurrency media, the source of the news they linked to is a post from a personal blogger on X.
The account belongs to a cryptocurrency news media outlet, but access to their website requires a paid subscription, and the membership fee is not low.
Based on the above information, Golden Finance reporters believe that the credibility of this media outlet is already low, and the brief statement from their X account, "The U.S. Department of Justice has approved the sale of $6.5 billion worth of Silk Road Bitcoin seized from the dark web," does not specify a concrete source and cannot be verified.
Even if the news is true, the Department of Justice cannot sell the Bitcoin it holds in the short term
Golden Finance reviewed the previous procedures for the U.S. Department of Justice's sale of seized Bitcoin and found that even if this news were true, the Department would essentially be unable to sell the Bitcoin it holds before Trump takes office.
The Bitcoin seized by the U.S. Department of Justice is generally auctioned by the U.S. Marshals Service, rather than being sold directly through OTC or exchanges. This is similar to how judicial departments auction off seized properties and assets for profit and then remit the proceeds to the treasury.
Taking the 2020 U.S. Marshals auction process as an example, approximately 4,040 Bitcoins were auctioned at that time, which were involved in various federal criminal, civil, and administrative cases.
The announcement of the auction of these Bitcoins was made on February 3, 2020, requiring potential bidders to complete registration by February 12, with the auction taking place on February 18.
According to the specific sales terms published by the U.S. Marshals at that time, the winning bidder was required to wire the purchase funds to USMS by February 19, 2020. USMS would not transfer any Bitcoin until it confirmed receipt of the buyer's funds.
This means that from the announcement of the auction to the actual event, and then to the winning bidder receiving the Bitcoin, it could take more than half a month.
Currently, there are only 11 days left until Trump takes office, and Golden Finance reporters did not find any recent announcements regarding the auction of seized Bitcoin on the U.S. Marshals Service's official website.
It is evident that at least before Trump takes office, the U.S. Department of Justice will not actually sell the seized Silk Road Bitcoin.
In conclusion, the widely circulated news this morning, which affected the market, stating "the U.S. Department of Justice has approved the sale of $6.5 billion worth of Silk Road Bitcoin seized from the dark web," is likely false.
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