U.S. Government Rushes to Sell $10 Million in Confiscated Bitcoins

[Carmela Tim]

The U.S. government is rushing to sell $10 million worth of bitcoins that it confiscated during an opioid drug operation last year.

In December 2016, the Drug Enforcement Administration (DEA) arrested Utah resident Aaron Shamo, 27, an alleged drug kingpin who prosecutors say operated one of the largest dark web drug rings in the country. DEA agents seized Shamo’s assets, which, in addition to two vehicles and $1 million in cash, included approximately 513 bitcoins.

At the time, those bitcoins were worth roughly $500,000. Over the ensuing year, the value of those bitcoins — compounded with the value of “crypto dividend” bitcoin cash — has ballooned to $10 million at the current exchange rate.

Source: http://strategiccoin.com/u-s-government-to-sell-10-million-in-confiscated-bitcoins/

 

[Zolin]

I heard that other governments right now are also confiscating bitcoins and other cryptocurrencies of criminal elements similar to this one. And they'll also most likely be selling them at auction.

 

[Monkey Dime]

Zolin, do you have a link to some of these stories you've mentioned about governments confiscating bitcoin? This is good information. Thank you for sharing!

 

[Toros]

Crimes like drug trafficking make the world of cryptocurrency look bad. They need to be punished severely. The U.S government should not sell the Bitcoins immediatley. You never know what's going to be the price of Bitcoin tomorrow.

 

[Zolin]

The U.S Governement is doing the right thing. There are people saying that they should hang on to the Bitcoins and sell it later. I don't agree with this logic. Its not their job to determine when to sell it. They should try to protect the tax payers money and increase the national reserves.

 

[Toros]

I knew that money launderers were active in cryptocurrency. But i did not knew drug smugglers were also interested in Bitcoin. The U.S authorities have done an amazing job. All the credit in the world should be given to them. I hope they capture more culprits.

 

[Haert]

This is a very alarming news that the drug mafias are interested in cryptocurrency and Bitcoin. The cryptocurrency stakeholders need to do something about it. People will be wary about investing in cryptocurrency if such mafias are a part of cryptocurrency.

 

[Kesidro]

Yes, US Governament is showing huge interest in the cryptos and other digital means of money. It is quite easy to trade the cryptos in the United States as there are less restrictions on the trade of these currencies. I think USA will be the center of cryptos soon!