Contrary to recent speculation, Patrick Witt, Executive Director of the President's Council of Advisors on Digital Assets, has clarified that no Bitcoin (BTC) from the Samourai Wallet case has been sold by US authorities. After confirming with the Department of Justice, Witt said the confiscated digital assets remain intact, addressing rumors circulating in the market regarding a possible government liquidation.
In Brief
- Patrick Witt confirmed that the Bitcoin seized in the Samourai Wallet case was not sold by American authorities.
- The Department of Justice has verified that all confiscated Bitcoin remains part of the government's Strategic Bitcoin Reserve.
- The US government currently holds over 328,000 Bitcoin, cementing its position among the world's largest BTC holders.
Confiscated Bitcoin secured in strategic reserve
Witt shared on his Page
The situation gained attention earlier this month after Bitcoin Magazine reported that the US Marshals Service appeared to have moved more than $6 million in Bitcoin, paid by Samourai Wallet developers Keonne Rodriguez and William Lonergan Hill after their convictions, to a Coinbase Prime address. Although this transfer raised questions about a possible liquidation, it would have contradicted the executive order, which protects BTC held by the government under the RSB initiative.
Rodriguez, who developed Samourai Wallet with a cryptocurrency mixing feature, was sentenced in November to five years in prison for helping launder millions of dollars. Hill, the portfolio's technical director, received a four-year sentence.
The United States strengthens its position in global BTC holdings
Currently, the US government holds 328,372 BTCvalued at more than $31 billion, according to Bitcoin Treasuries. China follows with 190,000 BTC worth around $18 billion, while the UK ranks third with 61,245 BTC, valued at around $5.8 billion.
The Trump administration continues to expand the Bitcoin Strategic Reserve. Witt told Crypto in America that work on the reserve will move forward once the Treasury and Commerce Departments finalize management of certain legal obligations. The reserve initiative, championed by US Senator Cynthia Lummis, aims to accumulate 1 million Bitcoin over five years, acquiring the cryptocurrency in a way that creates no burden on taxpayers.
Furthermore, Bitcoin itself is still in difficulty, the largest cryptocurrency continuing to struggle to reach the $100,000 threshold. It is currently trading around $95,114, down about 1% over the past 24 hours, reflecting continued market uncertainty.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
