4 hours ago
The US Marshals Service (USMS) appears to clasp conscionable nether 29,000 Bitcoin, acold little than the much than 200,000 BTC galore believed the authorities had successful custody.
The updated figure, confirmed via a Freedom of Information Act (FOIA) request by autarkic crypto writer L0la L33tz connected July 16, puts the government’s full astatine 28,988 BTC arsenic of March 2025.
At existent prices, that stash is worthy astir $3.4 billion. That starkly contrasts with the $23.5 cardinal estimation from blockchain analytics platforms similar Arkham Intelligence and Bitcoin Treasuries.
The discrepancy has ignited speculation crossed the crypto space, with immoderate observers questioning whether the US has been softly selling its Bitcoin holdings.
[Editor’s Note: Given that President Trump announced that seized Bitcoin would go portion of a Strategic Bitcoin Reserve earlier this year, it is besides imaginable that the Bitcoin is simply nary longer nether US Marshals custody. However, who controls the keys for the Bitcoin tracked onchain remains unclear.]
Is the US selling its Bitcoin?
Bitcoin Magazine CEO David Bailey suggested the US apt sold important portions of its BTC reserves earlier President Donald Trump’s swearing-in successful January. He noted that the deficiency of disposable on-chain enactment whitethorn not beryllium thing owed to custodial involvement.
He stated:
“I deliberation it is conclusive they’ve been selling without creating onchain footprint.”
Bitcoin expert Sani, who tracks addresses suspected to beryllium linked to US authorities wallets, confirmed nary caller transactions from those addresses.
However, helium pointed retired that if custodians similar Coinbase were facilitating off-chain swaps, accepted blockchain tracking whitethorn nary longer clarify authorities activity.
Sani added:
“If that’s genuinely what’s happening, past each the on-chain tracking we’ve been doing, excavation included, mightiness not substance anymore.”
Senator Cynthia Lummis, a vocal advocator for a nationalist Bitcoin reserve, responded with interest to this development. She said:
“If true, this is simply a full strategical blunder and sets the United States backmost years successful the bitcoin race.”
Seized vs. forfeited Bitcoin
L33tz clarified that the FOIA petition lone covered “forfeited” Bitcoin assets legally transferred to authorities ownership.
According to her, galore seized assets, specified arsenic those tied to ongoing investigations oregon hacks similar Bitfinex, are not yet authorities spot and whitethorn reside with different national agencies similar the DEA oregon FBI.
She emphasized that platforms similar Arkham whitethorn misrepresent totals by lumping unneurotic seized and forfeited coins. L33tz pointed out:
“For example, Arkham lists 94k BTC from the Bitfinex hack, but forfeiture successful the Bitfinex lawsuit hasnt been decided, astatine slightest past clip I checked.”
Blockchain information adept Taylor Monahan besides offered further explanation, pointing out that ineligible custody does not adjacent ownership.
She noted that successful galore cases, seized coins stay victims’ spot and volition ne'er go US authorities assets.
Monahan highlighted ongoing ineligible processes, ranging from civilian forfeiture to IEEPA, determining the destiny of seized property.
She cited respective examples, including a lawsuit wherever the FBI presently holds $40 cardinal successful crypto linked to an August 2024 theft, but these coins are expected to beryllium returned to the rightful proprietor nether the presumption of a plea agreement.
Considering this, Monhan stated:
“Most of the clip the coins seized by USG bash not go spot of the USG. They are returned to the unfortunate that was hacked oregon defrauded.”
The station US Marshalls ‘forfeited’ Bitcoin stash whitethorn beryllium $20B smaller than estimated, raising eyebrows astir reserve appeared archetypal connected CryptoSlate.
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