đ¤U.S. moves $240m Silk Road Bitcoin to Coinbase
Bitcoin fell 2% after the U.S. government moved 3,940 Bitcoin seized from a Silk Road vendor.
Bitcoin (BTC) came under selling pressure as the U.S. government transferred $240 million worth of crypto to a Coinbase Prime Address. Arkham Intelligence said the 3,940 BTC sent to Coinbase was originally forfeited from Silk Road vendor and narcotics dealer Banmeet Singh in a January trial.Â
Silk Road was a dark web marketplace created by Ross Ulbricht in 2011. The Federal Bureau of Investigation (FBI) arrested Ulbricht in 2013 and shut down Silk Road. Later, in 2022, U.S. law enforcement confiscated around 50,000 BTC. Authorities have also seized Silk Road BTC on several occasions.
The wallet linked to U.S. authorities moved $2 billion in BTC on April 2, sparking similar speculations about selling at the time. Following the Wednesday transaction, the total cryptocurrency market slid down modestly, along with BTC.
