US government holds over $5 billion worth of Bitcoin, report reveals

by Oct 17, 2023CryptoNews0 comments

A recent report by Chainalysis, a blockchain analytics firm, has revealed that the US government is one of the largest holders of Bitcoin in the world, with an estimated 70,000 BTC worth over $5 billion at current prices.

The report, titled “Crypto Crime and the US Government: The Essential Role of Blockchain Analysis”, was published on October 12, 2023, and provides an overview of how the US government uses blockchain analysis to combat crypto-related crimes and seize illicit funds.

According to the report, the US government has seized more than 100,000 BTC from various sources since 2013, including darknet markets, ransomware attacks, fraud schemes, and sanctions violations. The majority of these seizures occurred in 2020 and 2021, as the value of Bitcoin surged and attracted more criminal activity.

The report also reveals that the US government has sold or forfeited about 30,000 BTC over the years, leaving it with a balance of about 70,000 BTC as of September 30, 2023. This makes the US government one of the largest Bitcoin holders in the world, surpassing many institutional investors and hedge funds.

The report states that the US government uses blockchain analysis to identify and trace illicit transactions, link them to real-world identities, and provide evidence for legal actions. The report also highlights some of the challenges and opportunities that the US government faces in dealing with crypto crime, such as regulatory uncertainty, international cooperation, and public perception.

The report concludes by stating that blockchain analysis is an essential tool for the US government to ensure the security and legitimacy of the crypto ecosystem, and that the US government will continue to use it to pursue crypto criminals and protect its citizens.

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source :cointeleghraph

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