Key takeaways
- A pockets related to the seized Silk Highway funds moved $1.08 billion in BTC.
- The deal with moved 39,174 BTC to 2 new wallets and 9,825 BTC to a pockets linked to Coinbase.
- In November 2021, the unique funds have been seized from Silk Highway embezzler James Zhong.
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The DOJ might have despatched a few of Silk Highway’s seized funds to Coinbase, however that does not imply they will liquidate.
$1.08 billion in BTC
It appears like a number of the Silk Highway bitcoins are on the transfer.
On-chain knowledge reveals that Bitcoin pockets addresses related to the US authorities moved an estimated 49,000 BTC yesterday – amounting to round $1.08 billion on the time of writing.
deal with, which begins with BC1QMXTransferred about 9,000 BTC ($199 million) to the beginning deal with BC1QEThen to a different deal with beginning at 30,174 BTC ($667 million). BC1QFand on the third deal with beginning at 9,825 BTC ($217 million). 367YO. A little bit over 825 bitcoins ($18 million) stay on the authentic deal with.
In response to an on-chain safety agency PackshieldThe unique deal with belongs to the US authorities, which makes use of the pockets to retailer a number of the 50,676 BTC ($1.12 billion). seized From Silk Highway exploiter James Zhong in November 2021. Zhong obtained the quantity in September 2012 utilizing the darknet market’s withdrawal technique. He pleaded responsible in November 2022 to at least one rely of wire fraud.
The primary two addresses, which acquired a complete of 39,174 BTC, have been freshly created. Nevertheless, PackShield recognized the third deal with (367YO) as belonging to US-based crypto trade Coinbase. Bitcoin on-chain analytics agency glassnode and an on-chain analytics agency Lukenchen Each echoed Packshield’s findings. Crypto Briefing was unable to independently confirm possession of the pockets.
Shifting funds fueled hypothesis on Twitter that the Division of Justice may wish to promote a number of the bitcoins it despatched to Coinbase. It appears unlikely, nevertheless, that the US The federal government has traditionally chosen to liquidate its bitcoin holdings by means of public public sale.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH and a number of other different crypto property.
