US authorities are reportedly disregarding pro-crypto Senator Cynthis Lummis’ deadline to elucidate what occurred to the Bitcoin (BTC) seized from the defunct darknet market Silk Highway.
In line with a brand new report by Bloomberg, nameless individuals accustomed to the matter say that the U.S. Marshals Service didn’t meet the January thirty first deadline set by Lummis to reply questions concerning the seized BTC.
Lummis requested concerning the precise quantity of BTC held by the federal government, what the plan for the cash was and whether or not there have been any particular administration protocols for them.
Silk Highway’s founder, Ross Ulbricht, was pardoned by President Donald Trump final month years after he was handed a double life sentence for his position in working an underground on-line market that enabled unhealthy actors to promote unlawful medicine.
When Silk Highway was shut down in 2013, US authorities seized laptops from Ulbricht containing tons of of hundreds of Bitcoin, which Ulbricht agreed to forfeit in a continuing that’s unaffected by Trump’s pardon.
As stated by Lummis within the letter,
“Primarily based on historic gross sales information, the Service has bought roughly 195,092 Bitcoin between 2014 and 2023 for a complete of roughly $366.5 million.
At present market costs, these identical Bitcoin can be value over $18.9 billion, representing a lack of greater than $18.5 billion in unrealized worth for American taxpayers – a staggering 98% loss in potential worth. This sample raises severe questions concerning the Service’s strategy to managing and liquidating Bitcoin.”
At time of writing, the U.S. Marshals haven’t responded to Lummis’ letter.
BTC is buying and selling for $94,752 at time of writing, a 4.2% lower over the past day.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 

Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses you might incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please be aware that The Each day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney