Scott Johnson, a prominent cryptocurrency-focused attorney, has suggested that the recent decline in Bitcoin prices could be linked to the actions of the United States Marshals Service (USMS). “The US Marshals Service is almost certainly selling Silk Road Bitcoin,” Johnson explained in a detailed explanation.
Johnson explained that USMS transferred Bitcoin to a custody address under a service agreement with Coinbase in June. This agreement requires USMS assets to remain completely separate. However, Johnson noted that when these transfers are made to a mixed exchange address like CB Prime, it is an indication that USMS has already sold Bitcoin or is in the process of doing so.
Johnson expects official confirmation of these transactions to appear in the Department of Justice’s (DOJ) FY2024 Asset Expenditure Program report, scheduled for release in January. Johnson also hinted that these sales may have intensified following a recent speech by former President Donald Trump, and said that such actions were foreseeable based on the DOJ Office of Inspector General audit report, the USMS cryptocurrency services agreement Request for Proposals (RFP), and various court rulings.
*This is not investment advice.