On-chain analytics companies caught the U.S. authorities shuffling funds around.
- A pockets related to seized Silk Avenue funds moved $1.08 billion in BTC.
- The tackle moved 39,174 BTC to 2 recent wallets, and 9,825 BTC to a pockets reportedly belonging to Coinbase.
- The funds had been initially seized from Silk Avenue exploiter James Zhong in November 2021.
The DOJ may perchance well moreover simply bear sent just among the seized Silk Avenue funds to Coinbase, but that doesn’t mean they’re about to liquidate.
$1.08 Billion in BTC
It looks that just a few of Silk Avenue’s bitcoins are on the switch.
On-chain files reveals that a Bitcoin pockets tackle related to the U.S. authorities moved approximately 49,000 BTC the day prior to this—a sum value roughly $1.08 billion at the time of writing.
The tackle, which begins with BC1QMX, transferred about 9,000 BTC ($199 million) to an tackle initiating in BC1QE, then 30,174 BTC ($667 million) to a 2nd tackle initiating in BC1QF, and 9,825 BTC ($217 million) to a third tackle initiating in 367YO. A piece of over 825 bitcoins ($18 million) remain within the brand new tackle.
Fixed with on-chain safety firm PeckShield, the brand new tackle belongs to the U.S. authorities, which uses the pockets to store just among the 50,676 BTC ($1.12 billion) it seized from Silk Avenue exploiter James Zhong in November 2021. Zhong got the sum by exploiting the darknet market’s withdrawal mechanism in September 2012. He pleaded responsible to at least one rely of wire fraud in November 2022.
The main two addresses, which obtained a blended total of 39,174 BTC, had been freshly created. On the choice hand, PeckShield identified the third tackle (367YO) as belonging to U.S.-primarily primarily based mostly crypto change Coinbase. Bitcoin on-chain analytics firm Glassnode and on-chain analytics firm Lookonchain both echoed PeckShield’s findings. Crypto Briefing used to be unable to independently take a look at pockets ownership.
The transferring funds introduced about hypothesis on Twitter that the Department of Justice may perchance well be looking out for to promote just among the bitcoins it sent to Coinbase. That looks presumably no longer, alternatively, because the U.S. authorities has historically elected to liquidate its bitcoin holdings by public auctions.
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