"Hmm guess what will happen to the price of BTC if this happens?"
Previously, about $2 billion in Bitcoin (BTC) cryptocurrency connected to the Silk Road market was seized by the United States (US) authorities but now it has been found to have moved to a new address.
Through observation, a wallet linked to the US Department of Justice (DOJ) made a transaction of 0.001 BTC to the Coinbase Prime address and soon after, the same wallet transferred 30,174 BTC worth $2 billion to a new address.
It has been identified that the DOJ wallet containing BTC was seized from James Zhong, an individual convicted of charges related to crypto illegally obtained from Silk Road in 2022.
Zhong stole over 50,000 BTC from Silk Road in 2012 then US authorities in 2021 raided his property and found hard wallets containing BTC including one on a single-board computer buried under a blanket in a popcorn can.
Shortly after, most of the seized crypto was sent to the same address that transferred more than 30,000 BTC on April 2, 2024.
Reportedly in March 2023, the US government authorities have sold 9,861 BTC worth $215 million seized from Zhong and now only left 40,000 BTC then it should be noted that yesterday's transaction followed the price of BTC falling more than 7%.
Defunct for more than 10 years, the Silk Road marketplace allowed users to buy and sell illicit goods such as weapons, drugs and stolen credit card information but US authorities arrested its creator Ross Ulbricht in 2013 who is currently serving a life sentence.
