U.S. Sells $215 million bitcoin to Coinbase

Breaking News
Written By Keegan King

According to a recent court document, the United States government sold 9,861.17 bitcoin (BTC) for approximately $216 million on March 14 to Coinbase. The bitcoin, which was seized in November 2022, originally came from James Zhong following his connection to the Silk Road marketplace.

Authorities located his private keys in a safe hidden in his bathroom during a search of his property in Gainesville, Georgia. Zhong then surrendered an additional amount of bitcoin equalling a total amount of 1,004.14621836 BTC. 

Following this sale, the U.S. government will continue to sell the remaining 41,490 BTC seized from Silk Road, worth $1.2 billion, in four parts to Coinbase.

Keegan King

Keegan is an avid user and advocate for blockchain technology and its implementation in everyday life. He writes a variety of content related to cryptocurrencies while also creating marketing materials for law firms in the greater Los Angeles area. He was a part of the curriculum writing team for the bitcoin coursework at Emile Learning. Before being a writer, Keegan King was a business English Teacher in Busan, South Korea. His students included local businessmen, engineers, and doctors who all enjoyed discussions about bitcoin and blockchains. Keegan King’s favorite altcoin is Polygon.

https://www.linkedin.com/in/keeganking/
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