$1 billion worth of Silk Road-related Bitcoin was reportedly transferred from a government-linked address

Thursday, March 9, 2023, HarianKripto.id - On March 8, several wallets linked to a US Government law enforcement seizure saw the movement of more than 50,000 Bitcoin (BTC), valued at around $1 billion at the time, to a new address. Part of these funds is also transferred to Coinbase.

According to a report from PeckShield, a company that specializes in blockchain analytics, three transactions were made from the wallets of US law enforcement agencies.

The wallet held around 51,000 BTC which the US agency had previously confiscated from the Silk Road marketplace. Before such transactions were carried out, the confiscated BTC was transferred to two different wallet addresses.

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SILK ROAD BTC Fund Flow (PeckShieldAlert)

Approximately 9,861 BTC was sent from the Silk Road marketplace to Coinbase, although the majority of the three transfers appear to have been internal transfers made. At the same time, other transfers consist of 30,000 BTC and 9,000 BTC transfers.

Silk Road BTC delivery to Coinbase (Deo Siagian)

Silk Road is an illegal online marketplace and is considered to be the first darknet in modern times. Its establishment was carried out by Ross Ulbricht, a citizen of the United States, in 2011 using the pseudonym "Dread Pirate Roberts.

"The platform was one of the pioneers in facilitating payments using Bitcoin, and this helped to popularize the use of the cryptocurrency. After Ulbricht's arrest, US law enforcement agencies seized various assets, including large amounts of BTC, which were sold at auction from time to time.

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In 2014, prominent Bitcoin advocate Tim Draper bought nearly 30,000 BTC during one of these auctions. In October 2015, the US Marshals Service held another auction for 50,000 BTC, including 21 blocks of 2,000 BTC and one block of 2,341 BTC, in an online auction.

Although only a fraction of the 50,000 BTC that was sent to Coinbase, the movement of billions of dollars worth of BTC from wallets linked to US law enforcement agencies has sparked wild reactions and even wilder theories from Twitter users.

Several users pointed out that if the U.S. agency decides to sell its Bitcoin Silk Road, doing so can put significant selling pressure on the market. Meanwhile, several others questioned the timing of the sale.

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