TheCryptoNews.eu
Altcoin

U.S. Executive Strikes $1B of Seized Silk Avenue BTC, Prompting Liquidation Fears

U.S. Executive Strikes $1B of Seized Silk Avenue BTC, Prompting Liquidation Fears

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.

The records on or accessed thru this web site is acquired from just sources we judge to be honest and decent, but Decentral Media, Inc. makes no illustration or warranty as to the timeliness, completeness, or accuracy of any details on or accessed thru this web site. Decentral Media, Inc. is now not an funding ebook. We stop now not give personalized funding advice or other monetary advice. The records on this web site is self-discipline to exchange with out peruse. Some or the overall details on this web site would possibly maybe well change into out of date, or it is going to be or change into incomplete or incorrect. Lets, but need to now not obligated to, replace any out of date, incomplete, or incorrect details.

You are going to aloof by no approach make an funding resolution on an ICO, IEO, or other funding primarily based entirely on the records on this web site, and also you maybe can aloof by no approach interpret or in every other case count on any of the records on this web site as funding advice. We strongly suggest that you just seek the advice of an authorized funding ebook or other qualified monetary professional whereas you maybe can properly be in quest of funding advice on an ICO, IEO, or other funding. We stop now not win compensation in any originate for inspecting or reporting on any ICO, IEO, cryptocurrency, forex, tokenized sales, securities, or commodities.

Search for fleshy phrases and prerequisites.

The U.S. Executive Has Over $4.4B in Bitcoin It Might maybe maybe Dump Anytime

Over the last few years, the United States govt has change into one of a truly noteworthy Bitcoin whales fair by seizing illegally acquired funds. At final, this is able to maybe doubtlessly explore to liquidate…

The U.S. Executive Has Over $4.4B in Bitcoin It Might maybe maybe Dump Anytime

US Executive Joins Bitcoin Whales Thanks to $1 Billion Silk Avenue Seiz…

The US Division of Justice (DoJ) has seized cryptocurrencies from an anonymous particular person known as Particular person X, including 69,370 Bitcoin. The sources are price over a thousand million greenbacks and belonged…

US Executive Joins Bitcoin Whales Thanks to $1 Billion Silk Avenue Seiz...

Mt. Gox Creditors Will Quickly Claim $4.9 Billion in Bitcoin

Feeble Mt. Gox merchants will rapidly be compensated for stolen Bitcoin. On the opposite hand, some are concerned that an influx of newly-circulating BTC into the market would possibly maybe well impact prices. Mt. Gox turned into…

Mt. Gox Creditors Will Quickly Claim $4.9 Billion in Bitcoin

Read Extra

Related posts

How USI Tech Pulled off One of many Largest Crypto Scams

The Crypto News

Elon Musk’s X Payments secures new licenses, inches closer to payment feature rollout this yr

The Crypto News

Tiago Arena of abilities on Crypto Be taught and Studying Organization Frameworks

The Crypto News

Leave a Comment

Or Login with

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More