• About Us
  • Privacy Policy
  • info@cryptonews24.co.uk
  • Monday, January 18, 2021
    CryptoNews24
    Advertisement
    • Crypto News
      • Bitcoin
      • Ethereum
      • Ripple
    • Crypto Games
    • Blockchain
    • Finance
    • Fintech
    • Regulation
    • Blog
    No Result
    View All Result
    • Crypto News
      • Bitcoin
      • Ethereum
      • Ripple
    • Crypto Games
    • Blockchain
    • Finance
    • Fintech
    • Regulation
    • Blog
    No Result
    View All Result
    CryptoNews24
    No Result
    View All Result

    U.S. feds forget to seize $400k in Bitcoin forks

    November 23, 2020
    in Regulation
    3 min read
    U.S. feds forget to seize $400k in Bitcoin forks
    0
    SHARES
    192
    VIEWS
    ShareShareShareShareShare

    Crypto research firm Coinfirm has found that US authorities have left “substantial funds” left on various cryptocurrency wallets seized from criminals over the years, as a result of multiple “forks” that issued newer cryptocurrencies that traded on public markets.

    The firm traced a majority of such funds back to a Silk Road wallet seized by the United States Department of Justice earlier this month. The regulator announced it had picked up over $1 billion belonging to the now-defunct darknet marketplace at the time, but no information about the forked funds was provided.

    In addition, Coinfirm said that the wallet’s owners (now in the custody of the government) might still have access to the forked funds — collectively worth millions of dollars at their peak and a little under $400,000 today.

    Don’t overlook Bitcoin forks

    As per a blog post, Coinfirm’s self-funded investigation found that various Bitcoin forks — Bitcoin Diamond (BCD), Super Bitcoin (SBTC), and Bitcoin Private (BTCP) — were among the forked assets that the U.S. government “seemingly overlooked and left in the hands of whoever has access to the private keys of the main wallet.”

    The US Federal Reserve is holding $1b in Bitcoin. Image: Shutterstock

    A total of 693701 BCD, worth $310,000, 69370 SBTC, worth $66,000, and 69370.11 Bitcoin BTCP, worth $11,000, still belong in the wallets.

    Coinfirm said its “Reclaim Fork” service, which uses cryptographic tracing efforts to find out forked funds and assets, has additionally helped identified dozens of cases in which law enforcement authorities may have unknowingly left substantial funds accessible to suspects instead of properly accounting for and seizing those assets.

    The tool is available to both institutions and retailers to claim their forked tokens, if any, that were unclaimed earlier.

    US government a Bitcoin HODLer…for now

    The seized funds mean the mighty US government is currently sitting on $1 billion worth of Bitcoin. The Federal Reserve is obligated to sell the asset to USD but hasn’t done so yet, spurring comments from Bitcoin supports earlier this year who said HODLing was a better option.

    Utterly fascinating to read – the BTC stolen from the Silk Road was iron handed by the hacker from a value of $354,000 to $1,000,000,000+.

    Now it has entered the supply side. Material net negative, even if institutional buyers are eager and willing. pic.twitter.com/zRMJa02oPR

    — light (@lightcrypto) November 5, 2020

    Crypto-focused lawyer Preston Byrne said in a now-deleted tweet at the time, “Controversial opinion: the DOJ should not sell seized Bitcoins, it should begin stockpiling a national reserve of BTC to back the USD after the fiat era ends.”

    Even the US feds are comfortable holding Bitcoin.

    Posted In: Bitcoin, Regulation

    Like what you see? Subscribe for daily updates.


    Credit: Source link

    ShareTweetSendSharePin
    Previous Post

    Crypto Listing and Delisting Announcements: Week 47

    Next Post

    XRP price rallies 91% in a month due to 3 fundamental factors

    Related Posts

    CBDC creation is a long process: US Fed
    Regulation

    CBDC creation is a long process: US Fed

    January 15, 2021
    What does the January 15 deadline hold for Tether, the world’s biggest stablecoin
    Regulation

    What does the January 15 deadline hold for Tether, the world’s biggest stablecoin

    January 14, 2021
    Lagarde calls for global regulation of BTC
    Regulation

    Lagarde calls for global regulation of BTC

    January 14, 2021
    Is Gary Gensler’s appointment as head of the U.S. SEC good for Bitcoin?
    Regulation

    Is Gary Gensler’s appointment as head of the U.S. SEC good for Bitcoin?

    January 13, 2021
    Load More
    Next Post
    XRP price rallies 91% in a month due to 3 fundamental factors

    XRP price rallies 91% in a month due to 3 fundamental factors

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Premium Content

    Prepaid Revolution part 2: 6 types players in this game and where the puck is headed.

    Prepaid Revolution part 2: 6 types players in this game and where the puck is headed.

    January 12, 2021
    Grayscale Investments Terminates XRP Trust Citing Impact of SEC Lawsuit Against Ripple

    Grayscale Investments Terminates XRP Trust Citing Impact of SEC Lawsuit Against Ripple

    January 14, 2021
    This Week in Fintech ending 8 January 2021

    This Week in Fintech ending 15 January 2021

    January 15, 2021
    South Korean Banks ‘Play to Their Strengths’ with Bitcoin Custody Moves

    South Korean Banks ‘Play to Their Strengths’ with Bitcoin Custody Moves

    January 12, 2021
    US Dollar and Coinbase Also Blamed For Bitcoin Sell-Off

    US Dollar and Coinbase Also Blamed For Bitcoin Sell-Off

    January 12, 2021

    Welcome to cryptonews24, the number one source of news and information in the cryptocurrency sphere
    We have taken our time to bring together the most reliable and the most sought after source of news and information in the crypto sphere. From Startups, Fintechs,Sports,Health,Wealth,ICos, IEos,Exchanges, Wallets, to all other happenings in the crypto world.
    Subscribe to our telegram and twitter channel for minute by minute updates.
    Please contact us for your reviews, articles, marketing and any other cryptocurrency and blockchain related events

    What’s New Here

    Polkadot Flips XRP to Become the Fourth-Ranked Crypto After Price Spikes 100% in Less Than a Week

    Polkadot Flips XRP to Become the Fourth-Ranked Crypto After Price Spikes 100% in Less Than a Week

    January 17, 2021
    ETH Gets On Brink Of Setting New ATH As Bulls Take Control

    ETH Gets On Brink Of Setting New ATH As Bulls Take Control

    January 17, 2021

    Subscribe Now

    Loading

    © 2020 cryptonews24.co.uk - All rights reserved!

    No Result
    View All Result
    • Crypto News
      • Bitcoin
      • Ethereum
      • Ripple
    • Crypto Games
    • Blockchain
    • Finance
    • Fintech
    • Regulation
    • Blog

    © 2020 cryptonews24.co.uk - All rights reserved!

    • YAMYAM(YAM)$1.40-98.56%
    • bitcoinBitcoin(BTC)$35,856.00-0.39%
    • ethereumEthereum(ETH)$1,239.421.86%
    • tetherTether(USDT)$1.00-0.06%
    • PolkadotPolkadot(DOT)$17.52-1.19%
    • rippleXRP(XRP)$0.277458-0.40%
    • cardanoCardano(ADA)$0.39264412.81%
    • TrueHKDTrueHKD(THKD)$0.1391497.79%
    • litecoinLitecoin(LTC)$143.11-0.26%
    • chainlinkChainlink(LINK)$23.0815.88%