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Dark Web Dealer’s Bitcoin to be sold

Jan 09, 2018 Posted /  3368 Views

Dark Web Dealer’s Bitcoin to be sold

In a surprising turn of events, the federal judge in Utah gave a statement that the US government was permitted to sell 513 Bitcoin and 512 Bitcoin Cash, which were held from an investigation that was related to a dark web dealer named Aaron Michael Shamo, 513 Bitcoin and 512 Bitcoin Cash.

It is anticipated that the U.S government will soon sell all crypto assets of Aaron Michael Shamo, subsequent to his recent arrest. The worth of the assets seized from the dark dealer including Bitcoin (BTC) and Bitcoin Cash (BTC) is roughly around $10 million.

Shamo and other dark web operators including Drew Wilson Crandall, Mario Anthony Noble, and Sean Michael Gygi were found guilty of conspiracy on May 31, 2017. The dark web dealers were accused of distributing a forbidden substance, assisting the import of a forbidden substance, deliberate corruption of drugs, use of the US mail in drug trafficking, conspiracy to commit money laundering, and engaging in monetary transaction in property derived from specified unlawful activity.

The reports was filed by the FBI and once the dark web operators were found guilty of the charges, their Bitcoin and Bitcoin Cash holdings were seized and transferred to the custody of the United States Marshals Service (USMS).

Earlier the US government had articulated its apprehension over the high volatility rate of the crypto assets, signifying that they would rather want to sell the coins rather holding it in custody. In addition, the US government remarked that it is expensive to protect and store the hold coins in the official court document released and permitted by Utah district judge Dale A. Kimball.

The digital coins have been seized and are in the custody, also being monitored by the United States Marshals Service. Every month, the USMS is accumulating $465 per month in storage fees for these currencies. The total expenses incurred for these two vehicles at present are $5,010.70.

The Government lost huge sum

In the October last year, it was revealed by the media sources that the US government sold 144,336 BTC at a price of $336 per bitcoin after shunning the Silk Road. The entire value of the captured coins accounted for $48.5 million after sell off. Interestingly if the government secured it, and sold off later, they would be worth $2.4 billion at according to the present value.

In the upcoming few weeks, the US government is anticipating to process the sale of the 513 BTC and 512 BCH at the present value of around $9.4 million.

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Tags: bitcoin Bitcoin Cash

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