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US government transfers 30,175 confiscated Bitcoins from Silk Road to Coinbase

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The US government transferred 30,175 Bitcoins (BTC), worth around $2 billion, to a wallet linked to crypto exchange Coinbase on April 2.

The move came amid a significant decline in Bitcoin that took its price to a weekly low of $64,500 per BTC before rebounding above the key support level of $65,000.

Chain Detective ZachXBT brought attention to the initial test transaction on social networks.

Coinbase Transfer

The transfer attracted attention from the crypto community and raised questions about the government’s plans for its digital asset holdings.

The initial transaction included a test transfer of 0.001 BTC ($69) to a Coinbase address, suggesting careful planning. The hash of the transaction:

“9c3af4b48e66565f1da1da8278036fa1dbb09f2beaaca99c3504475390ba4590”

Coinbase deposit address:

“3KrZVU9Jz4UKHpKUtuvkEMX1tY8zeiTvX2.”

Following the announcement of this transfer, the value of Bitcoin fell below $65,000, but rose slightly above it, now trading at $65,200, down 4.7% in price. of the last 24 hours. The move reflects the broader market slowdown, with the CoinDesk 20 Index also falling 4.7%.

Bitcoin Silk Road

The Bitcoins transferred come from a batch of approximately 50,000 BTC that the US government seized in late 2022, associated with the website Silk Road, a dark web marketplace that the FBI shut down in 2013.

Blockchain analytics firm Arkham Intelligence identified the receiving wallet as part of Coinbase, hinting at possible preparation for sale or exchange by the government. The last major sale publicly announced by the government took place in March 2023, when it sold 9,861 BTC for approximately $216 million.

The crypto community is closely monitoring the effects of this large transfer, speculating on the US government’s strategy for its remaining Bitcoin holdings. It is unclear whether BTC will be sold immediately or slowly over time.

The United States had already requested the sale of around $130 million worth of BTC seized in January. However, the sale has not been publicly confirmed.

This development could influence investor sentiment and trigger discussions on the management and sale of seized digital assets, given its potential impact on the digital asset market.

The post US Government Transferring 30,175 Confiscated Bitcoins from Silk Road to Coinbase appeared first on CryptoSlate.



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