Regarding The Seizure Of Silk Road, The US Government Transfers Approximately 10,000 Bitcoin

Silk road
Silk road

On July 12, a sequence of transactions involving a cryptocurrency pocket connected to the US DOJ transferred around 9,835.25 Bitcoin, totaling almost $299 million. Whether the exchanges, which seem to have eventually spread to over 101 additional wallets, were transferred to addresses or are still in the Justice Department’s possession is still unknown.

Initially, at roughly 1:00 pm UTC, two transactions addressed to three addresses transferred about 9,835 of the $31,208 worth of BTC tickers related to the seizure of the Silk Road. The majority of the currency, 8,200 Bitcoin BTC valued at over $250 million during the publication, was delivered to an individual address, which a little more than one hour later divided the whole amount across 101 other addresses.

The Silk Road Seizure Leads To Utmost Chaos

Previously the U.S. government disclosed its intention to sell the remaining Bitcoins from the seizure of the Silk Road in four batches throughout the rest of the year.

Current data on-chain suggests that the US government may be experimenting with liquidity measures. The holdings of 30,184.7 BTC that are not currently linked to the batch of transactions from July 12 appear to have generated a profit of $237,934,919 for one profile connected to batch transactions made on March 7, 2023. The coins were instead split across 101 accounts by another profile that got 9,825.6 Bitcoin BTC during the batch on March 7. Later, the same source collaborated with 599 other profiles to transfer a sum of around 0.1 Bitcoin BTC (or $3,032 as of the publishing date of this article) to a different account, which subsequently distributed its collection of roughly 51 BTC among 37 addresses.