U.S. Transfers $240M Silk Road Bitcoin to Coinbase

Bitcoin Declines 2% as U.S. Government Moves Silk Road BTC



Bitcoin (BTC) experienced a 2% decline following the U.S. government's transfer of $240 million worth of Bitcoin to a Coinbase Prime address. According to Arkham Intelligence, the 3,940 BTC moved to Coinbase were originally seized from Silk Road vendor and narcotics dealer Banmeet Singh during a January trial.



Silk Road, a dark web marketplace established by Ross Ulbricht in 2011, was shut down by the Federal Bureau of Investigation (FBI) following Ulbricht's arrest in 2013. In 2022, U.S. law enforcement seized approximately 50,000 BTC from Silk Road-related activities. The authorities have since seized and moved Silk Road Bitcoin on several occasions.



In a related move, a government-linked wallet transferred $2 billion in BTC on April 2, prompting similar market


First found on: cryptonews today