US Government Will Sell More BTC, Price May 'Dump'?


 "What do you want to do, if the price of BTC goes down, what's so hard about it, right?"

The Department of Justice (DOJ) of the United States of America (US) earlier this month filed a notice regarding the seizure of 2,933 Bitcoin (BTC) from Ryan and Shaun Bridges which was divided into two lots of 54.74 BTC and 2,875 BTC.

Ryan's father named Joseph Farace is also involved in the case due to previous convictions where both his father and son were found guilty of misusing BTC for various illegal transactions.

As a former FBI agent, Bridges has profited from his participation in the action against Silk Road to steal site administrator accounts and at the time, the amount of BTC stolen was worth $800K, but its valuation is much higher now.

Bridges was later released temporarily before being arrested again when he tried to flee the country after defying a court order.

There is no denying that Farace allegedly worked hand in hand with law enforcement to recover the proceeds of their sale, but the additional 24 BTC allegedly recovered later has raised doubts.

The streak, the US government now intends to dispose of the cryptocurrency and then sell it as soon as the period is postponed.

If no legal claim is filed against the decision, the US government will sell the BTC in an unannounced sale.

As such, there is speculation as to whether the approval will lead to another price drop for the crypto which has plunged nearly ten ringgit in the past few weeks.