On-chain analytics companies caught the U.S. govt shuffling funds around.
Key Takeaways
- A pockets linked to seized Silk Avenue funds moved $1.08 billion in BTC.
- The take care of moved 39,174 BTC to 2 unusual wallets, and 9,825 BTC to a pockets reportedly belonging to Coinbase.
- The funds come by been initially seized from Silk Avenue exploiter James Zhong in November 2021.
The DOJ would possibly maybe well come by sent about a of the seized Silk Avenue funds to Coinbase, but that doesn’t suggest they’re about to liquidate.
$1.08 Billion in BTC
It seems that about a of Silk Avenue’s bitcoins are on the pass.
On-chain details reveals that a Bitcoin pockets take care of linked to the U.S. govt moved roughly 49,000 BTC the day before as of late—a sum price roughly $1.08 billion on the time of writing.
The take care of, which begins with BC1QMX, transferred about 9,000 BTC ($199 million) to an take care of initiating in BC1QE, then 30,174 BTC ($667 million) to a 2d take care of initiating in BC1QF, and 9,825 BTC ($217 million) to a third take care of initiating in 367YO. A limited bit over 825 bitcoins ($18 million) live in the usual take care of.
In step with on-chain security firm PeckShield, the usual take care of belongs to the U.S. govt, which uses the pockets to store about a of the 50,676 BTC ($1.12 billion) it seized from Silk Avenue exploiter James Zhong in November 2021. Zhong acquired the sum by exploiting the darknet market’s withdrawal mechanism in September 2012. He pleaded guilty to 1 depend of wire fraud in November 2022.
The first two addresses, which acquired a blended complete of 39,174 BTC, come by been freshly created. On the opposite hand, PeckShield known the third take care of (367YO) as belonging to U.S.-primarily based entirely crypto alternate Coinbase. Bitcoin on-chain analytics firm Glassnode and on-chain analytics firm Lookonchain each echoed PeckShield’s findings. Crypto Briefing turned into unable to independently take a look at pockets ownership.
The transferring funds brought on hypothesis on Twitter that the Division of Justice will doubtless be in quest of to promote about a of the bitcoins it sent to Coinbase. That seems now not truly, on the opposite hand, as the U.S. govt has historically elected to liquidate its bitcoin holdings thru public auctions.
Disclosure: At the time of writing, the author of this section owned BTC, ETH, and several other crypto sources.
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