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Scott Johnsson claims that the USMS Bitcoin transactions indicate a sell-off.
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The attorney points out an agreement between the USMS, and Coinbase Prime.
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Johnsson says that the move could have been accelerated by Donald Trump’s support of Bitcoin.
The US Marshals Service moved 10,000 Bitcoins recently, possibly linked to the Silk Road seizure. This has sparked discussion about whether the government sells off its Bitcoin. Scott Johnsson, a finance lawyer, believes that these transfers indicate an upcoming sale. He cites a previous agreement with Coinbase Prime.
Johnsson, in highlighting his arguments regarding the USMS’ Bitcoin activities, drew the attention to the connection between the USMS and Coinbase. According to the terms and conditions of the agreement, which began in June, the transfer of USMS assets to Coinbase Prime implies a sale. Johnsson said that because the USMS assets were segregated prior to the BTC switch, this move indicated a sale already underway or imminent.
Johnsson pointed out that Coinbase is not the only option here as an exchange. He explained that moving money to any mixed address could indicate a sale. He even suggested that some of the Bitcoins seized might have been sold.
Johnsson also commented that the USMS Bitcoin sale may have been accelerated due to former President Donald Trump’s massive backing for Bitcoin during his election campaigns. He also pointed out the irony of the move, which coincided with Vice-President Kamala Harris’ Crypto4Harris earlier this week. He indirectly highlights the political aspects of the USMS Bitcoin transfer.
In 2022, the Department of Justice announced the historic seizure of over 50K Bitcoins connected with the Silk Roasd internet dark web marketplace. Arkham Intelligence reported a mysterious transfer to an address of 29,800 BTC, worth approximately $2 billion, at the end of July in 2024. Analysts speculated that the move was connected to the seized money as more transactions were reported.
Earlier this week it was reported that 10,000 Silk Road bitcoins were transferred from the USMS into Coinbase Prime. According to Johnsson’s estimates, the Department of Justice Asset Forfeiture Program’s FY2024 report will confirm the official confirmation of these transactions by January 2025.
