The United States Government Has Just Transferred More Than $2 Billion Worth of Bitcoin (BTC) From the Stash It Confiscated From the Dark Web Marketplace – Silk Road

This marks one of the biggest Bitcoin transfers from the government in recent times, a move that is rattling the market.

The United States Government has just transferred more than $2 billion worth of Bitcoin (BTC) from the stash it confiscated from the dark web marketplace – Silk Road. This marks one of the biggest Bitcoin transfers from the government in recent times, a move that is rattling the market.

According to data from Arkham Intelligence, the transfer is linked to the wallet address labeled “U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj).” This wallet moved approximately 29,800 BTC in two tranches.

The first involved the transfer of 27,799 BTC and another worth 0.001 BTC to a different wallet. While on-chain data depicts transparency in fund movements, it becomes immediately unclear the reasons for these transfers. Markedly, this is not the first of such transfer that the US government is conducting this month.

In the first week of July, right when faced a price dip, the US government transferred 237 BTC. This is worth approximately $14 million at the time. The funds came from the loot originally seized from Sergei Potapenko and Ivan Turogin, two Estonian crypto entrepreneurs in a large-scale crypto fraud scheme. Before the huge transfer, an initial transfer of 11.84 BTC took place, probably as a test transaction.

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