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US
Government May Liquidate Around $4.4B In Bitcoin When
The Time Is Right - November 9, 2022
Bitcoin
(Wikipedia) Cyrptocurrency
(Wikipedia)
Bitcoin
(Google Finance) FOX
Business: Cryptocurrency MarketWatch:
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Crypto
Over
the last couple of years, the U.S. government has
become one of the largest whales of Bitcoin (CRYPTO:
BTC/USD), with over 214,046 bitcoins at minimum.
The
Department of Justice (DOJ) seized around 50,676.17
bitcoins (roughly $1 billion at today’s prices)
in November 2021 from a Bitcoin trader named James
Zhong, who defrauded darknet marketplace Silk Road.
The
seizure is notable—it’s the third largest
in cryptocurrency history by Crypto Briefing’s
count—especially considering the amount of Bitcoin
the U.S. government already has under control.
In
addition to the 50,676 bitcoins seized from Zhong,
the U.S. government has acquired at least 163,370
bitcoins over the last two years, totaling 214,046
bitcoins, or about $4.43 billion, minimum.
According
to BitInfoCharts, only one bitcoin wallet, Binance’s
cold storage wallet, contains 252,597 bitcoins, mostly
belonging to Binance customers, not the exchange itself.
The
U.S. government generally liquidates its Bitcoin holdings
through the U.S. Marshalls Service through public
auctions. Most likely, the seized bitcoins by the
DOJ will be similarly offered to the public.
In
November 2021, DOJ auctioned off $56 million worth
of cryptocurrencies seized from a BitConnect promoter
at the height of the bull market.
It
is yet to be seen if DOJ will wait for bitcoin prices
to bounce back before liquidating. So far, it has
restrained itself from liquidating the proceeds from
the Individual X and Razzlekhan confiscations.
The
agency seized 69,370 bitcoins (worth $1.4 billion)
from Individual X in 2020 and 94,000 bitcoins from
Razzlekhan (worth $1.9 billion).
Crypto.com
Exchange Suspends Withdrawals on Solana Blockchain
as Crypto Prices Crash – Another Exchange in
Trouble? - 10th November 2022
In
an email to users on Wednesday, the platform reportedly
said that they are suspending deposits and withdrawals
of USDC and USDT on the Solana Blockchain, effective
immediately.
The
note did not mention the exact reason for the move.
However, it said stablecoin withdrawals and deposits
in other blockchains like Ethereum and Cronos would
resume normally.
In
a Thursday tweet, Crypto.com CEO Kris Marszalek said
the recent developments around FTX and Alameda Research,
which are two of the biggest backers of Solana, led
to the decision.
"FTX
was an important bridge/venue for SOL-based stablecoins,
we do not want any additional risk to our users coming
from this area, hence disabling it,"
"FTX
was an important bridge/venue for SOL-based stablecoins,
we do not want any additional risk to our users coming
from this area, hence disabling it,"
"This
is a critical moment for the entire industry. Transparency
is more important than ever, and safety and security
of users and funds remains the priority. It requires
full and collective commitment,"
Kris
| Crypto.com
However,
some users suggested that sharing proof of reserves
alone would not be enough. It is also important that
crypto platforms do not trade with users' funds and
be transparent with where the yield comes from.
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