The us government is selling Bitcoins seized from Aaron Michael Shamo

The us authorities have won their case before a federal judge in Utah for sale 513 Bitcoins, and 512-Bitcoin, Cash seized during an investigation involving Aaron Michael Shamo, a vendor of crypto-currencies online.

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513 Bitcoins, and 512-Bitcoin Cash sale

The u.s. government should sell all crypto-currencies, Aaron Michael Shamo a result of recent arrests, including of Bitcoins and the Bitcoin Cash value of $ 10 million. May 31, 2017, Shamo, as well as other operators, including Drew Wilson Crandall, Mario Anthony Noble and Sean Michael Gygi, were convicted of conspiracy to have falsified intentionally mails in the traffic of narcotic drugs, committed a money laundering and conducting illegal activities. When these criminals have been convicted by the Justice, of their assets in Bitcoin and Bitcoin Cash were seized.

Gerd Altmann, Source : Pixabay

The u.s. government has expressed their concern about the volatility of digital assets, suggesting that they are going to quickly sell it. In addition, the authorities have stated that it would be too expensive to securely store the digital currency seized. The crypto-currencies will therefore be under the responsibility of the USMS (United States Marshals Service).

How the United States has lost 2.36 billion dollars ?

Last October, it was revealed that the u.s. government had sold 144 336 Bitcoins at a price of 336 usd currency. The total value of the crypto-currency seized was $ 48.5 million. If the government had waited to sell its virtual currency, their price would have increased. Thus, they would have been entitled to a total gain of $ 2.4 billion currently.

Over the next few weeks, the u.s. government should proceed with the sale of 513 Bitcoins, and 512-Bitcoin Cash to expect to get 9.4 million dollars.

Source : NewsBitcoin