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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.
Slothana: The New Face of Solana Meme Coins Following Slerf’s Footsteps
Slerf, a Solana-based meme coin, recently captured the market’s attention for all the wrong reasons, primarily due to a developer’s error that removed allocated tokens from the liquidity pool. This incident inadvertently paved the way for the emergence of new cryptocurrencies featuring similar sloth-themed imagery, with Slothana being the first and latest to enter the scene.
Unlike Slerf, Slothana brings a different style to the table. The sloth depicted on its homepage is not just a simple sketch but a detailed illustration of an office worker with red eyes, seemingly overworked and dreaming of escaping the mundane 9-to-5 routine by diving into the meme coin frenzy.
Slothana’s official Twitter page further elaborates on this character, portraying him as a frequently inebriated individual yearning for a change. As for the token itself, Slothana maintains a straightforward approach. It doesn’t promise long-term growth or significant profits; instead, it focuses on providing fun and keeping its tokenomics and other aspects shrouded in mystery.
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