10 months ago
On July 12, 2023, onchain information shows the U.S. authorities transferred 9,800 bitcoins (BTC), worthy conscionable implicit $300 million. These bitcoins primitively came from James Zhong’s Silk Road hack. In March, the Department of Justice besides moved a akin magnitude of bitcoins associated with Silk Road.
Silk Road Bitcoin Stash Controlled by the Feds Moves, Funds Reportedly Sent to Coinbase
About 9,800 BTC from Silk Road was moved successful 2 transactions connected Wednesday, reportedly sent to wallets controlled by Coinbase. At the clip of writing, the funds held by the U.S. authorities are worthy $302 million, based connected the day’s BTC speech rates.
The bitcoins came from James Zhong, the convicted Silk Road hacker. At the clip of his arrest, national authorities seized astir 51,351.89785803 bitcoins connected 3 abstracted occasions, on with a postulation of precious metals and $661,900 successful cash.
🔔🔔🔔🔔🔔🔔🔔🔔
8999.90799037 #BTC sent by #US_DEPARTMENT_OF_JUSTICE (Seizure – James Zhong Via Silk Road Exploit)
🔔🔔🔔🔔🔔🔔🔔🔔
️ — OXTObserver (@OXTObserver) July 12, 2023
Last March, the authorities sold 9,861 bitcoins for conscionable implicit $200 million. The onchain enactment 4 months anterior was besides detected by onchain observers and blockchain parsers. It’s speculated that each the BTC transferred from Zhong’s stash has been sold connected Coinbase.
The selling done Coinbase is antithetic arsenic the U.S. authorities typically auctions disconnected BTC with assistance from the U.S. Marshals. For example, bitcoins seized from Ross Ulbricht successful the Silk Road lawsuit were auctioned, with investors similar Tim Draper purchasing immoderate of the coins. Only precocious has the authorities started moving cryptocurrency to spot exchanges.
What bash you deliberation astir the feds sending a ample stash of bitcoin connected Wednesday? Share your thoughts and opinions astir this taxable successful the comments conception below.
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