US Government Abruptly Transfers $217,000,000 in Bitcoin to Coinbase: PeckShield
A crypto analysis firm says the US government is suddenly transferring massive amounts of Bitcoin it seized from the defunct, sinister marketplace Silk Road.
According to PeckShield, the US just sent 9,826 BTC worth $217 million to Coinbase, where it could be sold on the open market.
Another 39,175 BTC worth $867 million was transferred to two new addresses that appear to be internally controlled and not linked to any exchanges.
#PeckShieldAlert 49k $BTC (worth $1 billion) from wallets related to US government law enforcement seizures have been transferred to #Coin base (~9.8k $BTCworth $217 million), 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 back in 2011.
The marketplace used BTC for payments at a time when many assumed that the top crypto-asset enabled completely anonymous transfers that could evade law enforcement, which is not the case.
Silk Road was shut down in 2013, and Ulbrich is now serving a life sentence without the possibility of parole after being convicted of engaging in a continuing criminal enterprise, drug distribution, drug distribution via the Internet, conspiracy to distribute drugs , conspiracy to commit money laundering, conspiracy to traffic false identity documents and conspiracy to commit computer hacking.
The US seized 51,351 BTC linked to Silk Road in November 2021 and March last year.
Bitcoin’s price has continued to retreat this week, along with stocks.
BTC is trading at $22,154 at press time, down 0.3% in the last 24 hours.
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Featured image: Shutterstock/Melinda Nagy
