30,174 BITCOIN JUST MOVED OUT OF A US GOVERNMENT WALLET
The wallet is tied to coins taken from James Zhong, who stole over 50,000 BTC from Silk Road in 2012. Traders read a test transaction to Coinbase Prime as prep for selling.
🚨 30,174 Bitcoin, worth roughly $2 billion, just left a US government-linked wallet.
CoinMarketCap reports that blockchain data from April 2 shows a wallet associated with the US Justice Department first sending a 0.001 BTC test transaction to a Coinbase Prime address. The full 30,174 BTC then moved to a different address.
Online investigators identified the wallet as the one holding coins seized from James Zhong, convicted in 2022 over the Silk Road case. Zhong stole over 50,000 BTC from the platform in 2012. In 2021, authorities raided his property and found hard wallets holding the Bitcoin.
This stash has been tapped before. In March 2023, US authorities reported selling about 9,861 BTC seized from Zhong for over $215 million, leaving around 40,000 BTC.
Silk Road itself was a marketplace for illicit goods including weapons, drugs and stolen credit card data. Founder Ross Ulbricht was arrested in 2013 and is serving two life sentences without parole.
📉 The market took the transfer as a warning. BTC fell 3.74% over 24 hours, with traders pricing in the chance that another government sale adds selling pressure.
A transfer is not a sale. No sale has been confirmed.
If the government dumps the rest, do you buy the dip or sit it out?
#Bitcoin #Crypto #SilkRoad #BTC #causeanuproar
First reported by
CoinMarketCap
Read the full story at CoinMarketCapWe summarise and credit. The full account lives with the outlet that reported it.
Approved for publication by yousuf_19762.
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