SNEAK PEEK:

• 49,000 Bitcoin worth $1 billion have been transferred from US Government law enforcement seizures to three different wallet addresses.
• The transfers were made to the popular crypto exchange Coinbase and two other addresses.
• US authorities previously seized 51,351.9 Bitcoin from the Silk Road crime proceeds and recovered another 50,000 bitcoins from an accused hacker.

In a recent development, it has been reported that around 49,000 Bitcoin (BTC) worth $1 billion have been transferred from wallets related to US Government law enforcement seizures. These transfers were made to three different wallet addresses, including the popular crypto exchange Coinbase.

According to the information available, around 9,800 BTC, worth approximately $217 million, were transferred to Coinbase. The remaining 39,200 BTC were transferred to two other addresses: bc1qf2…fsv, which received 30,000 BTC, and bc1qe7…rdg, which received 9,000 BTC.

#PeckShieldAlert 49k $BTC (worth $1 Billion) from wallets related to US Government law enforcement seizures have been transferred to #Coinbase (~9.8k $BTC, worth $217M), bc1qf2…fsv (30k $BTC) & bc1qe7…rdg (9k $BTC) #SilkRoad pic.twitter.com/4MzlvDzkut

— PeckShieldAlert (@PeckShieldAlert) March 8, 2023

In November 2021 and March 2022, the US government seized 51,351.9 bitcoin (BTC) that were proceeds from the Silk Road crime. The seized bitcoin were consolidated into two addresses.

In addition to seizing 51,351.9 bitcoins from the Silk Road crime proceeds, US authorities continued their efforts to recover additional funds related to the case. By November of the same year, they were able to recover another 50,000 bitcoins from an individual who was accused of hacking into Silk Road.

US authorities have previously held several auctions to sell bitcoin exhibits that they had seized as part of criminal investigations. However, these auctions did not involve direct transfers of bitcoin funds to exchanges. Instead, the bitcoins were sold to the highest bidder in a public auction format.

It is worth noting that the US government’s handling of seized bitcoins has evolved over time. In the past, there were concerns that the government’s auctions could negatively impact the market, causing the price of bitcoin to drop. However, more recent auctions have been structured in a way that minimizes these concerns, and the government has been able to successfully sell seized bitcoins to interested buyers.

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• Source: https://investorbites.com/us-government-transfers-1-billion-in-bitcoin-to-coinbase-and-other-addresses/