A well-liked on-chain analyst thinks the US authorities will ultimately return practically 100,000 seized Bitcoin (BTC) to their rightful house owners.
Late final month, former President Donald Trump said within the Bitcoin2024 Convention that his administration will hold “100% of all of the Bitcoin the US authorities at present holds or acquires into the long run.”
However analyst Willy Woo tells his 1.1 million followers on the social media platform X that Trump’s plan is unattainable as a result of about half of the US authorities’s Bitcoin stockpile belongs to the crypto alternate Bitfinex.
“I hold listening to about 200,000 BTC owned by the US Authorities. 96,000 BTC is from the Bitfinex hack. After due course of, I’d count on these stolen funds to be returned to Bitfinex.”
In February of 2022, the U.S. Division of Justice introduced that it seized and recovered greater than 94,000 Bitcoin stolen in the course of the 2016 Bitfinex hack.
Woo says he sees Bitfinex and its sister firm Tether searching for the help of the justice system to get better the large Bitcoin stash.
“Bitfinex/Tether actually has the price range to mount authorized motion to facilitate the return of the BTC given the billions they make per quarter.
These BTC are theirs and never their customers as customers had been made complete a very long time in the past.
They have already got a historical past of constructing a big BTC treasury.
Tether’s newest product is an over-collateralized stablecoin with gold. Given their BTC accumulation technique, I may see BTC added to this product sooner or later when BTC volatility lowers and their BTC treasury is sufficiently massive.”
If Bitfinex takes authorized motion to get better its Bitcoin holdings, Woo says the agency will possible do it underneath the radar.
“It’s of their tradition to be low-key and out of the limelight. If authorized motion is being taken, then completely they might not remark publicly.”
At time of writing, the US authorities holds 213,246 BTC value $12,113 billion. In the meantime, stablecoin issuer Tether has 75,354 BTC value $4.28 billion in its treasury.
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