US government transfers Silk Road’s 30k Bitcoins to Coinbase

The U.S. authorities have transferred confiscated Bitcoins from a notorious darknet marketplace to their digital wallet.

Based on Blockchair’s report, on April 2, a digital wallet linked to the U.S. authorities moved 30,175 Bitcoins from the Silk Road case to Coinbase.

US government transfers Silk Road’s 30k Bitcoins to Coinbase

With Bitcoin currently priced at roughly $65,000, the transfer fee amounts to approximately $2 billion.

Detective ZachXBT observed a transfer of approximately 0.001 BTC, equivalent to around $69, to a Coinbase wallet address, seemingly for testing purposes.

Approximately 30,100 Bitcoins worth around $2.1 billion, which were seized from the Silk Road hack, are currently being transferred by the US government. A small amount, equivalent to $69 in Bitcoin or 0.001 BTC, was recently moved as a test transfer. Here’s the transaction hash: 9c3af4b48e66565f1da1da8278036fa1dbb09f2beaaca99c3504475390. This transfer was made to a Coinbase deposit address.— ZachXBT (@zachxbt) April 2, 2024

Prior to that, the most recent known government sale of approximately 50,000 Bitcoin seized in late 2022 from the Silk Road website took place in March 2023. They sold off 9,861 coins at a value of $216 million.

In early January 2024, representatives of the government revealed their plan to dispose of some of the seized Bitcoin, totaling 2,934 units, that was linked to the illicit Silk Road darknet marketplace.

In late February, the US authorities moved 15,085 confiscated Bitcoins, approximately valued at $947 million, from Bitfinex – a hacked cryptocurrency exchange, to undisclosed destinations.

Initially, a small amount of Bitcoin, equivalent to one unit, was moved from the first wallet. Subsequently, approximately 2,817 Bitcoins, valued at around $172.7 million, were shifted from the same wallet. Following this, nearly 12,267 Bitcoins, representing a value of roughly $748.5 million, were transferred from the second wallet.

Based on Arkham’s report, approximately 94,600 bitcoins stolen by hackers and subsequently seized by the U.S. government are believed to be stored in another digital wallet.

According to estimates from CryptoQuant analysts, approximately 210,392 Bitcoins, valued at around $14.4 billion, are believed to be in the possession of the U.S. government.

In July 2023, the US Department of Justice, Internal Revenue Service, and other related entities disposed of their last bitcoin purchase. Since then, the value of their remaining bitcoins has appreciated by a factor of 2.4.

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2024-04-02 20:45