April 2, 2024
Bitcoin News

$2 Billion in Seized Bitcoin Transferred to New Address

A wallet linked to the U.S. Justice Department, known for holding Bitcoin seized from the Silk Road marketplace, has made a substantial transfer. On April 2, the wallet first made a small 0.001 Bitcoin transaction to a Coinbase Prime address, followed by the movement of 30,174 BTC, valued at roughly $2 billion, to a new address.

Silk Road Connection Unveiled

Online investigators linked this wallet to Bitcoin seized from James Zhong, convicted in 2022 for charges related to Silk Road. Zhong had stolen over 50,000 BTC from Silk Road in 2012. In a 2021 raid, U.S. authorities discovered hard wallets, including one hidden in a popcorn tin. The majority of the seized Bitcoin was recently moved to the new address, stirring speculation about its fate.

As investigators continue to dissect the implications of this significant movement, questions arise regarding the future disposition of these seized assets and their potential impact on the broader cryptocurrency landscape.

Image by freepik

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