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Previously, the U.S. government had accumulated around 198,000 BTC from previous seizures like the notorious Silk Road case and the Bitfinex hack. This recent influx tilts the scale profoundly, making the U.S. a dominant player in the Bitcoin landscape, surpassing the combined holdings of China and the UK. Astonishingly, this now represents roughly 1.55% of the maximum Bitcoin supply of 21 million.
The Crime Behind the Seizure: The "Pig Butchering" Scam
This historic enforcement action traces back to an elaborate and brutal fraud scheme known as "Pig Butchering". Criminals—sometimes dubbed "butchers"—spend weeks or months manipulating victims, often through dating apps or random messages, building false relationships and trust.