Interpol’s Operation First Light, a global initiative involving 61 countries, has disrupted online scam networks by freezing 6,745 bank accounts and seizing assets worth 7 million, including million in cryptocurrency. The operation targeted phishing, investment fraud, fake online shopping sites, romance, and impersonation scams, leading to the arrest of 3,950 suspects and identifying 14,643 […]
Bitcoin News
US Government Transfers $243 Million in Seized Bitcoin to Coinbase
On June 26, 2024, the U.S. government transferred 3,940 bitcoins, valued at 3 million, originating from a darknet market dealer. This batch of BTC was directed to an exchange address tagged as Coinbase. U.S. Law Enforcement Moves 3,940 Bitcoin The U.S. government executed this transfer of 3,940 BTC valued at 3 million. This action by […]
Bitcoin News
US Government to Report Seized Crypto as ‘Nonmonetary Property’
The Federal Accounting Standards Advisory Board (FASAB) has clarified that seized crypto assets should be treated as “nonmonetary property” while central bank digital currencies (CBDCs) should be treated as monetary instruments. The federal authority claims that cryptocurrencies “do not typically possess all monetary characteristics,” emphasizing that they “are not effective as a unit of account, […]
Bitcoin News
German Law Enforcement Transfers $425M in Bitcoin From Seized Funds
Onchain data reveals that an entity likely tied to Germany’s Federal Criminal Police Office (BKA) transferred 6,500 bitcoin, valued at approximately 5 million, on June 19. Arkham Intelligence identified the address on Jan. 31 through its onchain monitoring systems. German Authorities Transfer Seized Bitcoin About four months ago, Arkham Intelligence announced on the social media […]
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Paraguay Cracks Down on Illegal Bitcoin Mining: Over 550 Miners Seized
Paraguayan authorities have intensified their efforts to fight illegal bitcoin mining, using innovative techniques including artificial intelligence (AI) and its distribution systems to detect these activities. In less than a week, two new illegal bitcoin mining operations have been closed with over 550 miners seized, causing undetermined damages to the National Power Administration (ANDE). Paraguay […]
Bitcoin News
Chinese Fraud Victims Seek Government Aid in Recovering 61,000 BTC Seized by UK Law Enforcement
A group of Chinese victims of a billion fraud scheme have requested assistance from their country’s foreign ministry in recovering 61,000 bitcoins, seized from a fraudster and her associate. The fraud victims have strongly opposed attempts to transfer the ownership of these bitcoins to the U.K. government. Petition Garners More Than 2,500 Signatures A […]
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Bitcoin Price Plummets As US Government Transfers $2B In Seized Silk Road BTC, Coincidence?
The crypto market is abuzz with speculation as the US government recently moved significantly regarding seized Bitcoin (BTC) linked to the infamous Silk Road dark web marketplace. This development comes at a critical time for the Bitcoin price, which has struggled to maintain its position above the ,000 threshold after hitting its current all-time high (ATH) of ,700 on March 14.
As the largest cryptocurrency experiences yet another round of price correction, the movement of these seized funds has triggered intense speculation about a potential sell-off by the US government.
Seized Silk Road BTC On The Move
According to on-chain data, a wallet linked to the US government recently transferred 30,175 Bitcoin, seized from the Silk Road dark web marketplace.
This transfer follows the earlier seizure of over 50,000 Bitcoin from James Zhong, who illegally obtained the cryptocurrency from the Silk Road in 2012. The US Department of Justice’s (DOJ) seizure of these funds marked the largest cryptocurrency seizure in its history.
This is not the first instance of the US government moving Bitcoin obtained from criminal cases. In March 2022, the government sold 9,800 Bitcoin, with plans to sell an additional 41,500 BTC. However, the recent transfer of the 30,175 BTC from Silk Road-related addresses has raised questions about the fate of these funds and their potential impact on the Bitcoin price correction.
Benjamin Skew, an on-chain data expert, took to social media to offer insights into the situation. Skew clarified that although there is chaos surrounding the Silk Road Bitcoin being sent to Coinbase for sale, a closer examination reveals that the main funds were transferred to a newly created wallet that remains inactive.
However, Skew stated that 2,000 BTC of the total amount was transferred to the alleged Coinbase wallet for undisclosed purposes, while the rest was sent to a newly created wallet.
200EMA Support Crucial For The Bitcoin Price
The Bitcoin price is currently witnessing a lack of bullish momentum as the cryptocurrency continues to face resistance in consolidating above the crucial ,000 threshold. However, there is still hope on the horizon.
Crypto analyst Ali Martinez highlights the importance of the 200-epimetric moving average (EMA) on the 4-hour chart of BTC. According to Martinez, this indicator has acted as formidable support since early February and continues to play a crucial role in preventing further downward movement.
The focus on the 200EMA stems from its potential to either catalyze a rebound or trigger more losses for Bitcoin. Martinez stated that if the 200EMA continues to hold as strong support, it signifies a significant probability of a price rebound. This scenario would provide renewed bullish momentum and potentially propel Bitcoin’s price above the ,000 mark.
However, if the 200EMA is broken, as it was in mid-January, as seen in the chart below, the analyst suggests that this could expose the Bitcoin price to further downward pressure and potentially lead to further losses.
Bitcoin (BTC) is trading at ,390, continuing its recent price correction. Over the past 24 hours, BTC has experienced a 5% decline; over the past seven days, it has seen a significant drop of over 6%.
The market closely monitors whether the current key support level can sustain further price drops or if a potential bounce will occur before reaching that point. The outcome of these scenarios remains uncertain.
Featured image from Shutterstock, chart from TradingView.com
Australian Police Officer in Court for Stealing Nearly 82 BTC From Seized Drug Trafficker’s Wallet
An Australian police officer recently appeared in a Melbourne court where he faced charges of stealing 81.616 bitcoins from a crypto wallet seized from drug traffickers. After initially blaming the drug traffickers,’ the Australian Federal Police later reopened the case after an expert found evidence linking the theft to a former police officer. The accused […]
Bitcoin News
German Authorities Say They’ve Seized 50,000 Bitcoins
German authorities have revealed that they have seized 50,000 bitcoins. “This is the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date,” the German police noted.
Germany Seizes 50K Bitcoin
The Saxony state police in Germany announced the seizure of nearly 50,000 bitcoins on Tuesday following a joint investigation by the Dresden General Prosecutor’s Office, the Saxony State Criminal Police Office, and the Leipzig II Tax Office, coordinated by the Integrated Investigation Unit (INES). The announcement details:
This is the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date.
“The bitcoins were seized after the accused voluntarily transferred them to official wallets provided by the BKA [Federal Criminal Police Office],” the police detailed. “This means that a final decision has not yet been made about the utilization of the bitcoins,” they added. At the time of writing, the seized BTC is worth .13 billion.
This case involves a 40-year-old German male programmer and his business partner in an ongoing investigation into suspected unauthorized commercial exploitation of copyrighted works and subsequent money laundering.
The German programmer is accused of operating movie2k.io, which was once Germany’s most successful illegal video-sharing site. The authorities shut the site down in 2013. According to the police, the accused took the profits from the site and invested in bitcoin. He was arrested in 2019. Ten months after his arrest, he relinquished some of his bitcoin, transferring his BTC worth 25 million euros to the authorities.
The Saxony police’s announcement states that no further information will be provided until the investigation is completed.
What do you think about German authorities seizing 50,000 bitcoins? Let us know in the comments section below.
US Government to Sell $116 Million in Bitcoin Seized From Darknet Dealer ‘Xanaxman’
The forfeiture division of the U.S. government has announced its plan to sell 2,933.64 bitcoin. These were confiscated from Ryan Farace, who faced charges in 2021 for laundering proceeds from drug trafficking. Farace, also known by his alias Xanaxman, disclosed in his plea agreement that he utilized the infamous Silk Road marketplace.
U.S. Forfeiture Division Aims to Sell 2,933.64 Bitcoins
In a recent public announcement, the U.S. government’s forfeiture division declared its intention to “dispose” of bitcoins confiscated from Ryan Farace and Sean Bridges. The federal agents secured a total of 2,874.90 BTC from both individuals and an additional 58.74 BTC exclusively from Farace. In 2018, the Department of Justice indicted Farace for laundering proceeds from drug sales. The crypto assets were formally seized in 2021 because Farace alleged he was unable to locate the funds.
Subsequently, he was apprehended attempting to transfer the funds, leading to the confiscation of the entire batch of 2,933.64 bitcoins. On Jan. 8, 2024, Farace received his sentence in the District of Maryland, where it was noted that he collaborated with law enforcement. His father, Joseph Farace, was sentenced to 19 months, while Farace himself was given a 54-month prison term. Regarding the 2,933.64 bitcoins, valued at approximately 6 million, the U.S. forfeiture division announced they are available for acquisition by any interested parties.
“Any person, other than the defendant(s) in this case, claiming interest in the forfeited property must file an ancillary petition within 60 days of the first date of publication (January 10, 2024) of this Notice on this official government internet web site, pursuant to Rule 32.2 of the Federal Rules of Criminal Procedure and 21 U.S.C. § 853(n)(1),” the U.S. government’s notice details.
Farace was involved in producing and distributing alprazolam tablets (Xanax) in return for BTC, through transactions on darknet marketplaces (DNMs). Crypto tracking methods revealed that all of the bitcoin wallets linked to Farace, or his alias Xanaxman, amassed over 9,138 bitcoins from sources tied to DNMs. “Ryan is an intelligent and thoughtful person who is extremely remorseful for his conduct in this case, particularly for the harm and pain that he has brought to his family,” David Walsh-Little, Farace’s attorney told the Baltimore Sun.
What do you think about the U.S government selling 2,933.64 bitcoins to any interested buyer? Share your thoughts and opinions about this subject in the comments section below.