US Government Transfers Confiscated Silk Road Bitcoins to Coinbase

US Government Transfers Confiscated Silk Road Bitcoins to Coinbase

The U.S. government has executed a significant transfer of Bitcoins previously seized from the notorious darknet marketplace Silk Road, directing them to cryptocurrency exchange Coinbase.

As reported by Blockchair, a wallet linked to the U.S. government initiated the movement of 30,175 Bitcoins (BTC) on April 2, representing assets confiscated from Silk Road. With Bitcoin trading at approximately $65,000 at the time of transfer, the transaction’s total value surpassed $2 billion.

Blockchain analyst ZachXBT highlighted an additional transaction of 0.001 BTC, equivalent to $69, which was sent to a Coinbase deposit address, likely serving as a test transaction.

This transfer follows previous government sales of seized Silk Road Bitcoins, notably in March 2023 when around 9,861 coins, valued at $216 million, were offloaded. In January 2024, authorities announced intentions to sell a portion of the cryptocurrency linked to Silk Road, totaling 2,934 BTC.

The recent movement of Bitcoins also extends to assets seized from the hacked crypto exchange Bitfinex. In February, the U.S. government transferred 15,085 BTC, valued at approximately $947 million, to undisclosed addresses. Notably, this included a series of transactions involving test transfers before the significant movement of 12,267 BTC, worth $748.5 million.

Arkham, another blockchain analysis platform, estimates that the U.S. government holds approximately 94,600 Bitfinex bitcoins confiscated from hackers.

Overall, the U.S. government’s cryptocurrency holdings are substantial, with CryptoQuant analysts valuing them at 210,392 BTC, equivalent to $14.4 billion. This sizable portfolio positions the government as one of the largest Bitcoin holders globally.

The latest transfer underscores the government’s ongoing management of seized cryptocurrency assets and its active participation in the digital asset market. With unrealized profits increasing over time, the government continues to navigate the complexities of cryptocurrency ownership and disposal, contributing to its evolving role in the crypto ecosystem.

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