The US government has transferred 30,174 Bitcoins worth $2.1 billion seized from Silk Road to Coinbase. A wallet tagged as belonging to the U.S. government was observed transferring money Tuesday morning.
The US government has not yet confirmed this Bitcoin transaction. The last known sale by the government was in March 2023, when 9,861 coins were sold for $216 million. Moreover, if confirmed, this time's sales will be significantly larger than the last.
By way of background, the US government seized approximately 50,000 Bitcoins associated with the Silk Road website in late 2022. Those in the digital asset market know that Silk Road is one of the industry's biggest crimes. Silk Road Market, a digital black market, was used for money laundering and illegal drug transactions using major cryptocurrencies.
Also read: US government sells $130 million worth of Bitcoin from Silk Road
This morning's Bitcoin movement was to an unidentified wallet. However, wallet database Arkham Intelligence has tagged the wallet as belonging to cryptocurrency exchange Coinbase. Ultimately, we will have to wait for the U.S. government to approve the deal.
At the time of writing, Bitcoin is trading at just over $65,000. Although prices have fluctuated recently, prices of major currencies are expected to rise as Bitcoin's halving, scheduled for later this month, approaches.
