US Marshals likely selling Silk Road Bitcoin, says lawyer

The lawyers claims spark questions about market stability amid the potential sale of Silk Road Bitcoin by the US Marshals.

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Silk Road Bitcoin Are Almost Certainly Sold By US Gov, Claims Lawyer

Another transfer by the US government of originally seized Bitcoin from the notorious Silk Road has sparked widespread speculation on Wednesday, August 14. Blockchain analytics firm Arkham reported yesterday that 10,000 Silk Road BTC, valued at approximately $593.5 million, were transferred to Coinbase Prime, a platform used primarily for institutional investors. According to Arkham’s post on X: 10,000 Silk Road BTC ($593.5M) moved to Coinbase Prime. Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet. Is The US Gov Selling Bitcoin? This transaction comes on the heels of a June announcement from the US Marshals Service (USMS), part of the Department of Justice, detailing a new partnership with Coinbase Prime to provide custody and advanced trading services for the agencys Class 1 (large cap) digital assets. The community is torn over whether these moves signify the selling of the Bitcoin or merely a transfer for custody purposes. Thus, many speculated that the US gov is not selling. Related Reading: Sovereign Wealth Funds Could Take Bitcoin To $148,000: Researcher However, Scott Johnsson, a finance lawyer and general partner at Van Buren Capital, expressed a distinct view today, arguing that the transaction signals a definitive sale of the seized assets by the US government. Johnsson remarked: Yes, US Marshal Service (USMS) is almost certainly selling silk road Bitcoin […] USMS has been sending BTC to a custodial address required by the terms of the servicing agreement […] Given the agreement requires USMS assets remain completely segregated, whenever a transfer is ultimately made to CB prime (or other commingled exchange address), you can be sure USMS has already sold or is selling imminently.” Johnsson further supported his claim by referencing the DOJ’s Office of Inspector General (OIG) report and the crypto services agreement RFP, which stipulate the rapid liquidation of assets within five business days of forfeiture and the necessity of segregated wallet addresses to prevent co-mingling with other assets. It states: The USMS intends to resolve this issue using its planned cryptocurrency services contract, which will require the contractor to liquidate cryptocurrency within 5 business days of the asset being forfeited. Related Reading: Analyst Warns: Bitcoin Nears Dangerous Territory $40,000 On The Horizon? Johnsson anticipates that formal confirmation of these sales might not emerge until the publication of the DOJ’s Asset Forfeiture Program FY2024 report in January. However, the unfolding events could provide earlier indications as more details become available through official channels or subsequent asset movements. Official confirmation will definitively come (at the latest) upon the DOJ’s Asset Forfeiture Program FY2024 report in January, if not earlier. I also don’t think it’s a coincidence this began in earnest following the Trump speech. Users on X expressed their confusion regarding Johnsson’s analysis. Rodeo queried: These coins were supposed to be sold by the end of last year[…] Youre saying the act of transferring these coins to Coinbase from their current address is enough to imply selling because the Coinbase addresses are not completely segregated addresses? Responding to these concerns, Johnsson clarified: Not necessarily Coinbase 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 have been (at least part of) the hold up. Notably, the latest BTC transaction by the US government comes just a few weeks after Republican presidential candidate Donald Trump proposed to establish a strategic national Bitcoin stockpile at the Bitcoin 2024 conference. After that, rumors emerged that Democrats under the lead of Kamala Harris could empty the BTC holdings by the US government from confiscations. While Harris pleads to take a more pro-crypto stance, several experts refuse this claim, based on the latest actions by her. At press time, BTC traded at $59,336. Featured image created with DALL.E, chart from TradingView.com

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US govt $590M Silk Road Bitcoin transfer to Coinbase unlikely to be sold Analyst

The government could also be looking to custody or trade the Bitcoin, based on a recent partnership with Coinbase Prime.

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US government moves 10,000 Bitcoin

The United States government is currently the largest geopolitical holder of Bitcoin, with 203,000 BTC under the control of the US.

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US government moves $2 billion in Bitcoin, price dips 1.3%

Market volatility and investor uncertainty increase as government actions impact Bitcoin prices, highlighting the sensitivity of crypto markets.

The post US government moves $2 billion in Bitcoin, price dips 1.3% appeared first on Crypto Briefing.

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Trump wont sell US BTC if elected, what about seized assets?

Questions abound concerning the Bitfinex and Silk Road funds if Trump is re-elected.

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Golem Network Unveils Updated AI/GPU Roadmap

Golem Network announces an updated AI/GPU roadmap focusing on market-validated initiatives, enhancing GPU resource supply for AI industry needs. (Read More)

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Kazakhstan pays for rail line to China using programmable CBDC

The second phase of the Kazakhstan central bank digital currency pilot focused on controlling its many potential uses.

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Hidden Road Adds Exchanges and Accepts BlackRock BUIDL Token as Collateral

Hidden Road, a global credit network for institutionstrading digital assets, announced it has added several exchanges to itsprime brokerage platform. The company also expanded the use of BlackRocksBUIDL token, accepting it as collateral across its network.

New Exchanges Join Hidden Road

In a press release today (Monday), Hidden Road stated thatit is now integrated with Coinbase International Exchange, following a tie-upwith Coinbase Exchange in 2022. Other new integrations include OKX, Deribit,Bitfinex, Bullish, AsiaNext, and SIX Digital Exchange.

Michael Higgins, Hidden Road's Global Head of Businessdevelopment, highlighted the significance of using BlackRocks BUIDL token ascollateral. He noted that with current high interest rates, institutionstrading digital assets in large volumes are unlikely to ignore theapproximately 5% virtually risk-free return from holding a BlackRock moneymarket fund token.

Higgins pointed out that any non-carry asset faceschallenges when clients can use the BUIDL token as collateral while alsoearning interest.

Hidden Road recognizes BlackRock's tokenized fund BUIDL as collateralDigital asset prime broker Hidden Road Partners has expanded its brokerage platform to support major centralized exchanges (CEX) including Coinbase, OKX, Deribit, Bitfinex, Bullish, AsiaNext and SIX digital

Broadening Platform Integration

Due to its existing partnership with the Chicago MercantileExchange (CME), Hidden Road can also cross margin and margin finance digitalasset tokens such as BUIDL on the CME, Higgins added.

In addition to the new exchanges, liquidity providers B2C2,IMC, and Laser Digital, along with software vendors Talos and TT, have alsojoined Hidden Roads platform.

Previously, a client could only post bitcoin as collateraland Hidden Road would provide margin financing to trade on the CME. But ofcourse the bitcoin didn't earn interest. Now they can still do that, but theycould also post BUIDL as collateral and we'll fund them dollars on the CME. Thedifference is that with BUIDL, they earn interest, Higgins said.

As far as weknow, we are the only clearing firm that allows customers to post digitalassets as margin to trade on the CME.

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Zilliqa 2.0 upgrade enhances speed and cross-chain compatibility

Block times can also be adjusted as desired. The root mainnet shard features an average block time of just two seconds.

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Is The US Government Selling $240 Million in Bitcoin (BTC) Related to Silk Road?

Bitcoin's price is experiencing a modest decline following news of the U.S. government transferring 3,940 BTC to Coinbase Prime.

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US government transfers 4,000 BTC to Coinbase

The US government allegedly transferred about 3,940 BTC to Coinbase, part of its holdings from the Silk Road seizure.

The post US government transfers 4,000 BTC to Coinbase appeared first on Crypto Briefing.

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RFK Jr. promises to pardon Silk Roads Ross Ulbricht if elected

Yes, illegal activity took place there, but come on, the presidential hopeful wrote as he denounced Ulbrichts draconian sentence.

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Hidden Road partners with Bitfinex after Bybit KYC issues

After halting support for BybBits crypto services in May 2024, Citadel-backed Hidden Road inked a new crypto partnership with Bitfinex exchange.

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Trump promises to release Silk Road founder Ross Ulbricht if re-elected

Former United States President Donald Trump vows to free Silk Road founder Ross Ulbricht from prison if re-elected.

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Hidden Road Integrates OKX Nitro Spreads for Arbitrage Strategies

To bolster its institutional trading offerings, popular crypto exchange OKX hasannounced a collaboration with Hidden Road Partners, a credit network forinstitutions. The partnership aims to provide Hidden Road's clients with accessto OKX's deep liquidity and faster execution of complex trading strategies.

OKX, Hidden Road Partnerto Enhance Institutional Crypto Trading

As part ofthe collaboration, OKX will focus on integrating its Nitro Spreads service with Hidden Road's prime brokerage services. Nitro Spreads enables the execution of futures and basis spreads, as well as funding rate arbitragestrategies.

Theintegration is set to offer several advantages to Hidden Road's institutionalclient base. These benefits include on-demand access to OKX's deep liquidityfor both makers and takers, minimized leg risk between markets throughguaranteed filling of matching quantities for each leg, and guaranteed spreadselection before trade execution, which mitigates unexpected price slippagerisks.

HiddenRoad continually seeks to increase market access and capital efficiency throughexpanded prime brokerage offerings, Michael Higgins, the International CEO and Global Head of Business Development atHidden Road, commented. Integrating OKX's Nitro Spreadsproduct builds upon this philosophy by extending our counterparties' ability toexecute risk-managed arbitrage strategies."

OKX Partners with Hidden Road to Offer Prime Brokerage Clients Access to Deep Liquidity and Streamlined Execution of Complex Trades https://t.co/1Z5JRmGzqm

Higginsrecently spoke with Finance Magnates, suggesting that new Bitcoin ETFswill significantly change the cryptocurrency market by introducing previously unknown strategies.

OKXrecently expanded its derivatives and cryptocurrency trading services and entered the Australian market. The offering of derivative instruments is aimed solelyat institutional investors.

OKX's Growing Presence inFutures Spreads Trading

OKX hasrecently set a new record by exceeding its highest monthly futures spreadstrading volume on Nitro Spreads, which neared US$5 billion in March 2024. Thisaccomplishment highlights the exchange's commitment to improving its servicesfor institutional clients.

Among theseenhancements is the introduction of the Quick Trading mode on Nitro Spreads,designed to streamline the selection of the Top of Book for any spread orside.

Leveragingthe superior liquidity of Nitro Spreads, our strategic partnership with HiddenRoad enables us to extend the reach of OKX's deep liquidity and efficientexecution of advanced strategies to an expanded network of institutionaltraders, commented Lennix Lai, the Global Chief Commercial Officer of OKX.

Accordingto the Finance Magnates Intelligence benchmark, OKX is the third-largestcryptocurrency exchange in terms of spot volumes, following ByBit and Binance.The platform holds a 9% market share and generates volumes of $94.12 billion.Last month, the company announced plans for European expansion and therebranding of its local branch, Okcoin Europe Ltd.

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Arctic Pablo, Would and Zerebro | Best New Meme Coins for Exponential Returns

Explore Arctic Pablo Coins explosive presale, Woulds meme drops and Zerebros latest utility push. Best New Meme Coins for Exponential Returns.

The post Arctic Pablo, Would and Zerebro | Best New Meme Coins for Exponential Returns appeared first on Kanalcoin.

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Solana Poised For Upside Move After A Bounce From $168 See Why

According to GemXBT on an X post, the Solana chart shows a promising recovery after a recent downtrend, with the price bouncing off a key support level around $168. This price action suggests that SOL has found a solid foundation at this support zone. Support levels like this are important in technical analysis, as they indicate areas where buying interest may be strong enough to halt a decline. A sustained bounce from this level could attract more buyers, fueling further upward momentum and setting the groundwork for a stronger rally in the coming days.  Solana Rebound Sparks Hope For A Renewed Rally GemXBT has observed that SOL is currently trading above the 5-day and 10-day moving averages, which is a key indicator of bullish price action. When an assets price remains above these moving averages, it suggests that the market sentiment is positive and that the asset could continue to trend upward.  Related Reading: Solana Price Rally Targets $360But This Support Must Hold Additionally, a bullish crossover in the MACD has been noted, which further confirms upward momentum. The MACD crossover occurs when the MACD line crosses above the signal line. This is a widely recognized technical signal that suggests the market may continue to favor the bulls, supporting the case for more gains in SOLs price. At the same time, the RSI is approaching neutral levels, suggesting that there is still room for movement in either direction and that the indicator is not yet in overbought or oversold territory. This neutral reading gives Solana the chance to build on its renewed bullish momentum without facing immediate resistance from overbought conditions. However, the key resistance for SOL is near the $180 level, which could present a hurdle for the ongoing rally. This price point will likely be an area where sellers may re-enter the market, potentially halting or slowing down the upward performance. A Broadening Wedge On The SOLs 4-Hour Chart Whales_Crypto_Trading recently shared an insightful analysis on X, noting that Solana is approaching a key breakout point from a broadening wedge formation on the 4-hour chart. This chart pattern, characterized by fluctuating highs and lows, suggests that the market is experiencing increased volatility and that a decisive price movement is imminent.  Related Reading: Solana (SOL) Over $150 More Upside on The Horizon? The broadening wedge typically precedes a breakout, and Whales_Crypto_Trading highlights that the likelihood of an upward breakout is growing. If the price breaks above the upper boundary of the wedge, it could signal the start of a strong rally. When this happens, the analyst suggests that it might trigger a significant uptrend, pushing the price toward key resistance levels at $215, $228, $243, and $265. These levels represent crucial targets where the price may face challenges, but a successful breach of these zones would pave the way for further upward movement. Featured image from Adobe Stock, chart from Tradingview.com

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Ripples Acquisition of Hidden Road Marks a Game-Changing Moment for XRPL, According to Ripple CTO

Ripple Makes Strategic Acquisition of Hidden Road, Gains New XRPL CTO In a bold move to strengthen its position in the cryptocurrency space, Ripple has recently acquired Hidden Road, a prominent software development firm specializing in blockchain technology. This acquisition marks a significant milestone for Ripple as it aims to enhance its capabilities and drive [...]

The post Ripple’s Acquisition of Hidden Road Marks a Game-Changing Moment for XRPL, According to Ripple CTO appeared first on Crypto Breaking News.

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Ripple Drops $1.25B Bombshell, Acquires Prime Broker Clearing $3T Annually

Ripple announced the acquisition of prime broker Hidden Road for $1.25 billion, in what marks the largest deal in the crypto space. The deal is touted to bring institutional customers at scale, bridging traditional finance and decentralized finance. According to the press release, the deal also positions RLUSD as an enterprise-grade collateral across Hidden Road’s prime […]

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