On Wednesday, the US government transferred 10,000 bitcoin (BTC) seized from the Silk Road case, valued at approximately $600 million, to Coinbase Prime.
The US government has transferred 10,000 bitcoin (BTC) from a crypto wallet flagged as “U.S. Government: Silk Road DOJ Confiscated Funds” to Coinbase Prime, blockchain analysis firm Arkham Intelligence noted in a recent observation.
This development comes as part of the government's confiscation of over 50,000 BTC in 2022 following the arrest of James Zhong, who pleaded guilty to wire fraud after being accused of exploiting Silk Road's transaction system in 2012.
According to court records, the government last sold confiscated Silk Road-linked bitcoin in March 2023, unloading 9,861 BTC for $216 million. Plans were made to sell the remaining assets in four tranches, but there have been no updates since.
Bitcoin's price dropped to $59,000 from $61,000 earlier on Wednesday, though this occurred before news of the transfer emerged. The price change suggests uncertainty about the market's response.
At the moment of writing, Bitcoin (BTC) is priced at $58,310.65, reflecting a 1.83% increase over the past 7 days. The cryptocurrency's market capitalization stands at approximately $1.15 trillion, having decreased by 4.26%. The 24-hour trading volume has surged by 14.57% to reach $32.92 billion. Currently, the volume-to-market cap ratio is 2.86%. The circulating supply of Bitcoin is 19,739,978 BTC, which represents 94.00% of its maximum supply of 21 million BTC.
Wallets linked to the U.S. government currently contain around $12 billion worth of BTC, along with smaller amounts of other cryptocurrencies, as per Arkham.
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