In a noteworthy financial event, the US government has successfully transferred a staggering 20,000 Bitcoin, valued at approximately $1.9 billion, into Coinbase from a wallet linked to Silk Road, as highlighted by Arkham Intelligence.
Following this transaction, the wallet in question still holds around $18 billion in Bitcoin.
Background on Silk Road
This wallet is notorious for its connection to assets seized from Silk Road, the infamous online marketplace that thrived until its closure in 2013, known for trading illegal commodities like drugs and weapons.
Additionally, the government retains a significant stash of other cryptocurrencies, including roughly $217 million in Ethereum and about $122 million in Tether.
Transaction Details
The transaction unfolded in two distinct phases.
It kicked off with a small test transfer of just 0.001 Bitcoin, roughly $97, sent to a Coinbase Prime deposit address.
This initial move paved the way for the main event, where 19,800 Bitcoin—equivalent to around $1.9 billion—was transferred through an intermediary wallet before arriving at Coinbase.
Market Impact
This recent transaction follows an earlier operation in late August, when officials moved 10,000 Bitcoin, valued at around $600 million, from the same Silk Road-affiliated wallet to Coinbase.
Interestingly, CoinGecko reported a drop in Bitcoin’s value to $96,200 immediately following this latest transfer.
As the situation develops, it remains a compelling story in the ever-evolving world of cryptocurrency.
Source: Cryptobriefing
