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Attorney Scott Johnsson speculates that the U.S. Marshals Service will most likely sell off the Bitcoin it seized from the Silk Road case. His assumption comes from a service agreement between USMS and Coinbase, signed this June, which specifies exact procedures for handling and transferring assets.
According to Johnsson, the transaction details indicate that once the Bitcoin is transferred to Coinbase Prime, it becomes clear that the USMS has either completed or is on the verge of completing the sale.
Yes, US Marshal Service (USMS) is almost certainly selling silk road bitcoin. Joey is right (at least in the present). USMS has been sending BTC to a custodial address required by the terms of the servicing agreement that USMS entered into with Coinbase in June. Given the…
— Scott Johnsson (@SGJohnsson) August 16, 2024
Johnsson’s assertion was indeed confirmed in a tweet that further elaborated that the USMS has been directing Bitcoin to a custodial address pursuant to an agreement with Coinbase. Under the agreement, USMS funds are kept totally and completely segregated from other funds.
Thus, whenever Bitcoin is moved to Coinbase Prime or another similar exchange, it signals that the USMS has already conducted or is about to conduct a sale. Official confirmation of this activity will likely be provided in the Department of Justice’s Asset Forfeiture Program report for fiscal year 2024, expected in January.
Crypto Community Reacts to Bitcoin Sale Claims
Johnsson’s tweet has sparked considerable discussion within the crypto community. One member queried whether the transfer of these coins to Coinbase was sufficient evidence of a sale, given that Coinbase’s addresses are not fully segregated.
Johnsson clarified that while Coinbase alone may not be definitive proof, the movement to commingled addresses strongly suggests that the coins have been sold or are about to be sold. He said a backlog of Bitcoin, following forfeiture, was supposed to have been sold by the end of last year, but finalizing the service agreement seems to have delayed things.
Not necessarily CB alone (there’s an interim segregated custody step), but once they hit commingled addresses it’s reasonable to infer they’re sold. And yea, there was a backlog of forfeited BTC that was supposed to be sold already. Finalizing the services agreement appears to…
— Scott Johnsson (@SGJohnsson) August 16, 2024
The member pointed out that a large amount of Bitcoin was sold in February 2023 without the need to put new agreements or procedures in place. He asked why all of the Bitcoin couldn’t have been sold directly by the USMS right from the start.
Johnsson referred the member to the DOJ Office of Inspector General audit report that highlighted why the service agreement with Coinbase needed to be placed and also explained procedural delays.
Related Reading | Dogecoin Addresses Surge To 6.56 Million Amidst Price Struggles
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