Bitcoin on the US Government's Silk Road on the Move: A $2 Billion Turnaround

The United States Department of Justice is once again transferring its bitcoin reserve, this time with funds believed to be connected to the famous Silk Road market. According to blockchain data, a wallet labeled with the department's name initiated a transfer to what is presumed to be a Coinbase exchange address on Tuesday morning.

US Government Transfers Silk Road-Linked bitcoin: A $2 Billion Move

The transaction involved a test transfer of 0.001 btc (approximately $69), followed by a substantial movement of around 2,000 btc, valued at $131.27 million. This activity was noted by pseudonymous blockchain analyst ZachXBT on twitter/x, who identified the recipient as a Coinbase deposit address.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.3121693121693″>

Update: 1,999 btc ($139 million) transferred to the same Coinbase Prime deposit address

txn hash
b614dd2e0fa06d776ee4d45973fab5ceb6e2dfebfb84e5f7bd45ef0975455240

– ZachXBT (@zachxbt) twitter.com/zachxbt/status/1775207305614631341?ref_src=twsrc%5Etfw”>April 2, 2024

Additional analysis by Arkham Intelligence, a platform that monitors blockchain transactions, indicates that bitcoin, part of a $2 billion cache, has moved to Coinbase Prime. Despite this recent activity, the majority of seized bitcoin remains unspent according to the latest transaction data.

Occasionally, the federal government relocates bitcoin seized from criminal activities, sometimes with the intention of selling it. In January, the government revealed plans to auction 2,933 btc, worth approximately $133.5 million at the time, but also provided a 60-day window for unindicted parties to claim an interest in the cryptocurrency. The recent transfer could be related to the early sale of these assets.

This is not the first time that authorities have seized a significant amount of bitcoin related to the Silk Road. In November 2021, they seized $3.36 billion worth of btc after hacker James Zhong admitted to stealing digital assets from the illicit market, known for facilitating crypto transactions for drugs and other illegal goods.

The bitcoin community closely follows the movements of large bitcoin holdings by prominent entities such as the US government. Past transactions, or even rumored ones, have caused fluctuations in the price of bitcoin as Market watchers anticipate potential sales.

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