US authorities transfer seized $217 million in BTC to Coinbase

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

08.03.2023 - 10:45

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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.

Approximately 40k $BTC from wallets associated with US Government law enforcement seizures are on the move.Of these, the majority appear to be internal transfers (so far), however approximately 9,861 $BTC seized from the Silk Road hacker have been sent to our Coinbase cluster. pic.twitter.com/afuEYcV18L — glassnode (@glassnode) March 7, 2023

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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