US sends 30,000 bitcoins seized from Silk Road to Coinbase

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A cryptocurrency wallet, identified as belonging to the United States Department of Justice, mobilized 30,174 bitcoins (BTC) equivalent to almost $2 billion, which were seized in the Silk Road case.

According to data from the Arkham Intelligence explorer, the movement of bitcoins was made during the morning of April 2 and the funds were sent to a wallet belonging to the Coinbase Prime exchange. The movement began with a small test transaction through which just 0.001 BTC was sent, and then another movement was executed for sending more than 30,000 BTC.

The $2 billion in bitcoins that were moved are linked to funds that the Department of Justice has been confiscating since 2020 from the now-defunct Silk Road dark web market.

In that sense, today’s transaction comes months after a US appeals court formalized the seizure of 69,370 bitcoins connected to Silk Road. It was the result of a crusade undertaken by the United States to confiscate the BTC coming from this marketplacea site that was closed by the Federal Bureau of Investigation (FBI) in 2013.

Now, everything seems to indicate that the government prepares for sale on the digital currency market that are in their power. The last sale confirmed by the government was in late 2022. It was made shortly after approximately 50,000 bitcoins related to the case were added to the seizure.

As CriptoNoticias has reported, the value of bitcoins in North American currencies has appreciated substantially in the last four years. According to a statement from the Department of Justice, the bitcoins were seized on November 9, 2020, at which time the price of bitcoin was around $15,000. That means that, with the rise of bitcoin, the profits obtained exceed 300%

Due to the seizure made by the Silk Road case, along with other seizures, the United States he turned in a real whale. The country holds more BTC than MicroStrategy, which is one of the companies that has invested the most in Satoshi Nakamoto’s currency.

All movements of bitcoins linked to Silk Road are constantly monitored. This, considering that a hypothetical liquidation of BTC in government custody could result in a severe impact on the market and in the price of cryptocurrencies.

In fact, the price of bitcoin, which already registered a drop this Tuesday, April 2, fell a little more after the news about the transaction, falling below $65,000. In the last few hours, BTC has bounced a little and at press time it is trading at $65,730, 4.2% less in the last 24 hours.

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