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
705
2 min
0
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.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024