The US Department of Justice has transferred around $2 billion in Bitcoin, previously tied to the Silk Road marketplace, to a new address. This movement began with a tiny transaction, indicating a test, before shifting 30,174 BTC to Coinbase Prime.
The stockpile came from Bitcoin confiscated in 2022 from James Zhong, who was convicted of illegally collecting crypto from Silk Road.
In 2012, Zhong stole about 50,000 BTC from Silk Road. In 2021, authorities uncovered the loot in strange places, like as under blankets in a popcorn container. The majority of the confiscated Bitcoin has remained untouched.
This important action coincided with an announcement to sell $117 million in Bitcoin from Silk Road-related crimes. This is all part of the Justice Department's continuous efforts to manage and sell cryptocurrencies seized during criminal investigations.
Such large-scale Bitcoin movements tend to heavily impact market pricing. Everyone is waiting to see if this will result in a sale, sparking speculation and alarm about potential market consequences.
