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

US Government’s Silk Road Bitcoin on the Move: A $2 Billion Shuffle

Updated: 03 April 2024

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The United States Department of Justice is once again transferring its stash of Bitcoin, this time involving funds believed to be connected to the notorious Silk Road marketplace. According to blockchain data, a wallet tagged 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 Maneuver

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.

Update: 1999 BTC ($139M) transferred to the same Coinbase Prime deposit address

txn hash
b614dd2e0fa06d776ee4d45973fab5ceb6e2dfebfb84e5f7bd45ef0975455240

— ZachXBT (@zachxbt) April 2, 2024

Further analysis by Arkham Intelligence, a platform that monitors blockchain transactions, indicates that the Bitcoin, part of a $2 billion cache, was moved to Coinbase Prime. Despite this recent activity, the majority of the seized Bitcoin remains unspent as per the latest transaction data.

The federal government occasionally relocates Bitcoin seized from criminal activities, sometimes with the intention of selling it. In January, the government revealed plans to auction off 2,933 BTC, worth about $133.5 million at the time, but also provided a 60-day window for non-defendants to claim an interest in the cryptocurrency. The recent transfer could be related to the anticipated sale of these assets.

This is not the first time authorities have seized a significant amount of Bitcoin related to the Silk Road. In November 2021, they confiscated $3.36 billion worth of BTC following hacker James Zhong’s admission of stealing digital assets from the illicit marketplace, which was known for facilitating crypto transactions for drugs and other illegal goods.

Movements of large Bitcoin holdings by prominent entities, such as the US government, are closely monitored by the Bitcoin community. Past transactions, or even rumored ones, have led to fluctuations in Bitcoin’s price as market observers anticipate potential sales.

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