A crypto-analytics firm says the US government is suddenly transferring massive amounts of Bitcoin it seized from the defunct ill-fated Silk Road exchange.
According to PeckShield, the US just sent 9,826 BTC worth $217 million to Coinbase, where it could be sold on the open market.
An additional 39,175 BTC worth $867 million was transferred to two new addresses that appear to be controlled internally and not linked to any exchange.
#PeckShieldAlert 49k $BTC ($1 billion worth) of wallets related to US government law enforcement seizures have been transferred to #coinbase (~9.8k $BTCvalued at 217 million dollars), bc1qf2…fsv (30k $BTC) & bc1qe7…rdg (9k $BTC) #Silk Road pic.twitter.com/4MzlvDzkut
— PeckShieldAlert (@PeckShieldAlert) March 8, 2023
Silk Road was an online black market created by Ross Ulbrich in 2011.
The market used BTC for payments at a time when many assumed that the top crypto asset allowed fully anonymous transfers that can evade law enforcement, which is not the case.
Silk Road was closed in 2013, and Ulbrich is now serving life in prison without the possibility of parole after being convicted of participating in a continuing criminal enterprise, distributing narcotics, distributing narcotics over the Internet, conspiracy to distribute narcotics, conspiracy to commit money laundering. money, conspiracy to traffic fraudulent identity documents, and conspiracy to commit computer hacking.
The United States seized 51,351 BTC connected to the Silk Road in November 2021 and March last year.
The Bitcoin price has continued to pull back this week, along with stocks.
BTC is trading at $22,154 at press time, down 0.3% over the past 24 hours.
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Featured Image: Shutterstock/Melinda Nagy
