Silk Road Bitcoin for sale? US government-linked addresses transfer $1B in BTC

50,000 Bitcoin (BTC) value $1 billion United States {dollars} had been moved from a number of wallets associated to U.S. Authorities legislation enforcement seizures and had been transferred to new addresses, and some had been moved to Coinbase on March 8. 

In response to data shared by on-chain analytics agency PackShield, there have been three transfers constituted of the U.S. legislation enforcement businesses’ wallets. These wallets held almost 51,000 BTC seized by U.S. businesses from the Silk Highway market in November 2021. The confiscated BTC was consolidated in two pockets addresses: bc1q5s…0ch and bc1q2ra…cx7.

Out of those three transfers, the bulk seem like inside transfers. Nevertheless, roughly 9,861 BTC was despatched to Coinbase. The opposite two transfers embrace a 30,000 BTC switch to an handle beginning with bc1q… and a 9,000 BTC switch to an handle beginning with bc1qe7….

Silk Highway was an internet black market and the primary trendy darknet market. It was launched in 2011 by its American founder Ross Ulbricht beneath the pseudonym “Dread Pirate Roberts.” {The marketplace} was one of many first to just accept Bitcoin funds and even popularised crypto use at its time. The U.S. legislation enforcement businesses confiscated a number of objects from its founder, together with hoards of BTC which have been auctioned sometimes and as early as 2014.

Associated: Key Bitcoin price metrics point to BTC downside below $22.5K

Common Bitcoin proponent Tim Draper bought nearly 30,000 BTC in 2014 from considered one of these auctions. One other public sale for 50,000 BTC was held in October 2015, the place the U.S. Marshall Companies auctioned 21 blocks of two,000 BTC and one block of two,341 in an internet public sale.

Whereas solely a small portion of the 50,000 BTC was despatched to Coinbase, The motion of billions value of BTC from U.S enforcement agency-linked wallets evoked wild reactions and even wilder theories. A consumer pointed out that if the U.S. businesses determined to promote their Silk Highway Bitcoin, it will put vital promoting stress in the marketplace. On the similar time, just a few others questioned the timing of the sale.