US Govt. Moves $2B of Silk Road Bitcoin to Anonymous Address: Arkham
The U.S. government transferred 29,800 Bitcoin, valued at approximately $2 billion, to an anonymous address, according to Arkham Intelligence, a blockchain analytics firm.
The seized Bitcoin is associated with the Silk Road, a dark web marketplace that was infamous for facilitating illegal activities ranging from drug trafficking to money laundering.
Arkham, is a data firm tracking cryptocurrency movements and flagged the transfer raising questions and speculation regarding the intentions of the U.S. government in handling the seized Bitcoin.
On-chain sleuth Lookonchain notes the U.S. government currently holds 179,155 Bitcoin valued at $12.14 billion.
The #US Government transferred 29,800 $BTC($2.02B) to a new wallet 20 minutes ago.
The #US Government currently holds 179,155 $BTC($12.14B).https://t.co/erV5T8x6eUhttps://t.co/s8hA0nLaxB pic.twitter.com/aKYu8t7Ful
— Lookonchain (@lookonchain) July 29, 2024
The U.S. government seized a staggering 174,000 BTC from the Silk Road marketplace. This marks one of the largest seizures of crypto in history.
Silk Road, operated by computer engineer Ross Ulbricht, and was shut down by federal authorities in 2013. Ulbricht was convicted and sentenced to life in prison without parole.
With the transfer of the Bitcoin to an anonymous address signifies a strategic move by the U.S. government in managing its crypto holdings.
There have been similar instances where the government has liquidated seized assets. Historically, the U.S. Marshals Service has conducted auctions of seized Bitcoin, providing opportunities for investors to purchase the cryptocurrency in bulk.
Bitcoin is trading at $66,600 on Tuesday at press time, down 3.8%. The movement of such a large amount of Bitcoin can influence market
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