WASHINGTON, Tuesday, April 09, 2024 – In a move likely to impact the cryptocurrency market, the U.S. government has transferred a significant amount of Bitcoin from a wallet linked to the defunct illegal marketplace Silk Road. 1
On-chain data analysis by blockchain intelligence firms suggests the transfer involved roughly 30,000 Bitcoin, currently valued at approximately $2 billion. The funds originated from a wallet previously identified by law enforcement as connected to the Silk Road, which was shut down in 2013.
The destination of the transferred Bitcoin remains unclear. Some reports suggest a portion was sent to a cryptocurrency exchange, while the remainder appears to have been moved to another government-controlled wallet.
“We cannot comment on specific details of ongoing investigations or asset management,” a spokesperson for the Department of Justice said. However, the spokesperson did confirm the government’s ongoing efforts to manage seized crypto assets securely.
The movement of such a large amount of Bitcoin has already caused a minor price fluctuation. Analysts are watching the situation closely, as further government sales could potentially impact the overall market.
This development highlights the ongoing challenges surrounding the legal status and management of seized cryptocurrencies.
- Bitcoin Seized from Silk Road: https://markets.businessinsider.com/news/currencies/feds-transfer-silk-road-linked-bitcoin-coinbase-2-billion-wallet-2024-4[↩]
