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US GOV SELLING BITCOIN (Eruptions Market Report 1-26-24)

The United States filed a notice to sell over $130 million in bitcoin linked to the Silk Road forfeitures. 

The public notification lists two lots of bitcoin that the government plans to sell.The first is roughly 2,800 BTC for roughly $129 million. The second, smaller, lot would sell 58 BTC for about $3 million. 

The bitcoins are linked to Ryan Farace, who was sentenced in Maryland last year to 54 months in prison on a charge of money laundering conspiracy. 

Farace and his father, Joseph, were found guilty of laundering bitcoin initially used for drug trafficking that should have been forfeited to the US. Farace, initially convicted in 2018, claimed to not have access to bitcoin used for darknet transactions.

The US Gov allegedly holds over 200,000 BTC that they have seized from hackers and criminals.

Hilariously, these people did not follow the very first rule of Bitcoin - self custody.

Holding Bitcoin with third parties, the exact opposite of what BTC should be used for, opens your funds up to potential confiscation. 

If you have Bitcoin or any other cryptocurrency on ANY third party platform such as Coinbase, YOU DO NOT OWN IT.

You MUST take self custody to truly secure your assets.

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