US Government to Earn $10 million Selling Confiscated BTC and BCH
December 15, 2017
The US government plans to sell bitcoins confiscated from drug traffickers in Utah. Since the forfeit, the value of the seized cryptocurrency has doubled and reached almost $10 million. The US government is afraid of a possible collapse of the exchange rate, so it has done everything possible to sell the cryptocurrency as soon as possible.
Utah's public prosecutors are working to sell 513 BTC, and almost the same number of BCHs.
"BTC and BCH were transferred to the state wallet. Since the cryptocurrency market is characterized by its volatility, the seized cryptocurrency is subject to the risk of depreciation during the proceedings. Therefore, the US authorities are trying to conduct an intermediate sale," says the order of the court.
According to the text of the order, the cryptocurrency will be sold and converted into dollars on one or several crypto exchanges in lots of no more than 50 coins. With the help of such measures, the government plans to avoid losses and fraud. The proceeds will go to the Treasury Forfeiture Fund Suspense account.
The cryptocurrency was confiscated from local opiate traffickers, who operated in the suburbs of Salt Lake City, the capital of Utah.