- The US government has transferred 30,174 Bitcoin worth $2.1 billion seized from Silk Road to Coinbase, according to the wallet tracker Arkham.
- The seized Bitcoin is related to the Silk Road website, which was a digital black market used for money laundering and illegal drug trades.
- At the time of the transfer, Bitcoin was trading at just over $65,000, and its price is expected to climb as the upcoming Bitcoin Halving approaches later in the month.
The US government has transferred 30,174 Bitcoin worth $2.1 billion seized from Silk Road to Coinbase, according to wallet tracker Arkham.
Background on Silk Road Seizure
In late 2013, the US government seized roughly 50,000 bitcoins related to the Silk Road website. Silk Road was an online black market used for illegal activities like money laundering and drug trades.
Details of Recent Bitcoin Transfer
This week, a wallet tagged as belonging to the US government was seen transferring 30,174 BTC worth $2.1 billion to Coinbase. The US government has yet to confirm this transaction.
The last confirmed Bitcoin sale by the government was in March 2023 when it sold 9,861 coins for $216 million. If confirmed, this latest sale would be far larger.
Potential Impact on Bitcoin Price
At press time, Bitcoin is trading around $65,000. While the price has fluctuated lately, it is expected to climb as the upcoming Bitcoin halving event approaches later this month.
