U.S. still holds $6.5b in seized Silk Road Bitcoin

Despite reports suggesting that the Department of Justice authorized a massive dump, US officials did not conduct any new Bitcoin sales.

Blockchain intelligence platform Arkham confirmed that the seized Silk Road and billions of dollars of Bitcoin (BTC) seized by the FBI remained in US government-controlled addresses as of January 9.

The data provider shared on-chain evidence confirming a $6.44 billion balance amid rumors suggesting authorities were selling.

Rumors of the sale began to circulate following reports that the Department of Justice had cleared 69,370 BTC for liquidation. According to reports, a federal judge ruled on the matter in late December, but the news only surfaced this week.

With President Donald Trump’s inauguration so close, the timing of the news raised questions. Trump promised to hold America’s Bitcoin holdings and create a BTC reserve.

His plan was accepted by Senator Cynthia Lummis and tabled in the US Senate. Congress was also considering legislation that would allow BTC reserves at the Federal Reserve after Fed chairman Jerome Powell said the central bank could not legally hold the cryptocurrency.

At the time this news was written, there were only 11 days left until Trump’s inauguration, which was planned to be held on January 20. It remains unclear whether the US government will move forward with selling its Bitcoin stash in the final days of President Joe Biden’s administration.

Meanwhile, the crypto industry leader lobbied for Trump to issue an executive order for the BTC reserve in his first 100 days in office. Many states, such as Texas and Ohio, have also considered BTC-focused legislation.