Nearly $2 billion worth of forfeited bitcoin (BTC) linked to the Silk Road website were moved to crypto exchange Coinbase Prime on Monday.
A wallet tagged as “U.S. Government: Silk Road DOJ Confiscated Funds” transferred 19,800 bitcoin on Monday to a fresh address with no prior history of transactions, blockchain data by Arkham Intelligence showed. The funds were then deposited to Coinbase Prime.
The transfer likely indicates that the government is preparing to sell or has already sold the assets. Earlier instances of government selling this year sparked sizable selloffs in bitcoin, but the action today — so far — has been more muted, with the price dipping a bit more than 1% to the current $95,800 since the news hit. Following this move, the U.S. government still holds $18 billion worth of seized crypto assets, per Arkham.
The Department of Justice announced in 2022 that it seized over 50,000 BTC and arrested James Zhong, who pleaded guilty to wire fraud after the government alleged he manipu
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Author: Krisztian Sandor
