United

Silk Road

ZachXBT

April

when

The U.S. government wallet has moved Bitcoins previously confiscated from a well-known darknet platform. 
According to Blockchair, a wallet belonging to the U.S. government transferred Silk Road’s 30,175 Bitcoins (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) to cryptocurrency exchange <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a> on April 2. 
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At the current price of BTC at around $65,000, the cost of the transfer is approximately $2 billion. 
Blockchain sleuth ZachXBT noted that another 0.001 BTC worth $69 was transferred to a <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a> deposit address in what appeared to be a test transaction. 
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 30.1K BTC ($2.1B) of Silk Road hack funds controlled by US government is on the move right now. 0.001 BTC ($69) transferred to a Coinbase deposit address so it’s a test transfer possibly. txn hash 9c3af4b48e66565f1da1da8278036fa1dbb09f2beaaca99c3504475390ba4590 Coinbase…— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1775193016363356238?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">April 2, 2024</a>
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Before that, the last confirmed sale by the government, which in late 2022 seized about 50,000 BTC associated with the Silk Road website, occurred in March 2023, when it unloaded 9,861 coins worth $216 million. 
In January 2024, government officials <a href="https://crypto.news/u-s-government-to-sell-over-131m-in-bitcoin-seized-from-silk-road/" target="_blank" rel="noreferrer noopener">announced</a> the intention to sell part of the cryptocurrency associated with the darknet site <a href="https://crypto.news/tag/Silk-Road/" target="_blank" rel="noreferrer noopener">Silk Road</a>. The statement mentioned assets in the amount of 2,934 BTC. 
At the end of February, the U.S. government <a href="https://crypto.news/us-government-transfers-922m-in-bitcoin-from-seized-bitfinex-hack-funds/" target="_blank" rel="noreferrer noopener">transferred</a> 15,085 seized Bitcoins from the hacked crypto exchange <a href="https://crypto.news/tag/Bitfinex/" target="_blank" rel="noreferrer noopener">Bitfinex</a> worth about $947 million to unknown addresses. 
First, a test transfer of one BTC was made, and soon after, another 2,817 BTC worth $172.7 million were transferred. From the second wallet, 12,267 BTC worth $748.5 million were transferred. 
According to Arkham, another U.S. government wallet contains about 94,600 Bitfinex bitcoins confiscated from hackers. 
CryptoQuant analysts <a href="https://crypto.news/united-states-government-bitcoin/" target="_blank" rel="noreferrer noopener">estimate</a> that the United States government holds 210,392 BTC worth $14.4 billion, making it one of the largest holders of Bitcoin. 
The U.S. Department of Justice, the Internal Revenue Service, and other agencies last sold a single bitcoin in July 2023. Since then, the government’s unrealized profits have increased 2.4 times. 
 You might also like: <a href="https://crypto.news/u-s-government-is-now-largest-bitcoin-whale-with-5b-in-btc/"> U.S. government is now largest Bitcoin whale with $5b in BTC </a>

US government transfers Silk Road’s 30k Bitcoins to Coinbase

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