Dump incoming? US authorities move Bitcoin stash seized from Silk Road
On-chain sleuth ZachXBT highlighted the movement, which might be in preparation for selling the Bitcoins.
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A Bitcoin (BTC) amount from Silk Road hack funds equivalent to over $2 billion might soon be sold, as reported by on-chain sleuth ZachXBT. The over 30,100 BTC stash is controlled by the US government, and a potential test transfer of 0.001 BTC was made to a Coinbase deposit address.
On-chain data platform Arkham Intelligence shows that the US authorities address then sent the BTC holdings to another government-tied address. In March 2023, the US sold 9,861.17 BTC, which is the latest selling movement by the government.
The Bitcoin stash held by US authorities was seized in November 2022, when James Zhong was arrested. Zhong hacked Silk Road in 2012 and stole around 50,000 BTC from the now-defunct dark web marketplace.
The news didn’t affect Bitcoin prices, with the largest crypto by market cap down 0.2% in the last hour at the time of writing.
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