While it is good that the US government has decided not to sell any Bitcoin it holds currently. This is a clear departure from the past administration, which constantly auctioned Bitcoin. But does it mean that the only means the US wants to build its reserve is through seizures? If this is the case, they might end up targeting some legitimate institutions because they want to keep stockpiling. I thought they should show commitment to keeping a Bitcoin reserve by investing in the sector.
But I am pleased that the US and UK governments were able to dismantle the scam network of the Cambodian business empire,
Prince Group. These scammers operated ten scam compounds which had about 1,250 mobile phones that controlled around 76,000 social media accounts. The recovered $14bn (£10.5bn) in bitcoin should be sent back to victims and not kept as reserve by the US.
These fraud rings are involved in various crimes. Such as: drug smuggling, illegal casino operations, human trafficking, etc. This Cambodian ring, which brought people from different parts of the world and trafficked people, used to commit various crimes and frauds, including casinos, using people from different parts of the world, including Asia, South Asia, Africa. Cambodian and some Chinese mafias used to run the ring with those people. The US government took the matter very seriously and due to which this ring was able to be broken. However, if the recovered Bitcoins are returned to those from whom they were collected through fraud, then it will be a very big task for the government and people's trust in Bitcoin will increase in the US government.
