​The funds were previously seized from the hacker of the Silk Road dark web marketplace

US authorities transfer seized $217 million in BTC to Coinbase

08.03.2023 - 10:45

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2 min

What’s new? On March 8, representatives of Glassnode, an analytics service, reported about 40 000 BTC (~$893 million) seized by the US government came to motion. Most of the transactions so far are internal transfers, but about 9861 BTC (~$220,25 million) seized from the hacker of the Silk Road dark web marketplace in November 2022 have been sent to the US cryptocurrency exchange Coinbase.

What else is known? The balance of the US government’s wallet was 144 500 BTC ($3,228 billion) before the seized funds were moved, it has now dropped to 125 600 BTC ($2,81 billion).

On November 9, 2021, police raided the house of Silk Road hacker James Zhong and seized 50 676 BTC, $661 900 in cash, and precious metals. Notably, as early as November 10, the bitcoin rate reached its all-time high of $69 000.

In March 2022, the fraudster voluntarily handed over more than 1004 BTC he had access to to the authorities. Authorities managed to confiscate a total of $3,36 billion worth of bitcoins. This was the largest seizure of digital assets in history.

For more details about the largest cryptocurrency seizure in history, read GetBlock Magazine’s special feature.

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