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Government’s jaw-dropping move: Silk Road’s $30k in bitcoins handed to Coinbase

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Discover how the US government has transferred 30,000 Bitcoins from Silk Road to Coinbase in a groundbreaking move. Learn more about this fascinating development with a human touch perspective.



The U.S. government recently made headlines by transferring 30,175 Bitcoins, previously confiscated from the notorious darknet platform Silk Road, to cryptocurrency exchange Coinbase. This move, valued at approximately $2 billion based on the current BTC price of around $65,000, raised eyebrows in the crypto community.

Blockchain expert ZachXBT pointed out a smaller transaction of 0.001 BTC, worth $69, that was sent to a Coinbase deposit address, likely as a test transfer. This comes after the government’s sale of 9,861 coins from the Silk Road stash in March 2023, netting $216 million.

In a bid to liquidate assets linked to Silk Road, the U.S. government announced plans to sell 2,934 BTC in January 2024. This followed a significant transfer of 15,085 Bitcoins seized from Bitfinex hackers in February the same year, totaling $947 million.

As per CryptoQuant analysts, the U.S. government currently holds a whopping 210,392 BTC valued at $14.4 billion, solidifying its position as one of the largest Bitcoin holders globally. This sizable crypto stash continues to grow, with unrealized profits increasing 2.4 times since the last Bitcoin sale in July 2023.

Overall, these strategic transfers and sales underscore the government’s efforts to manage and leverage seized cryptocurrencies effectively. With substantial holdings in Bitcoin, the U.S. government plays a significant role in the crypto market landscape. Stay tuned for more updates on government crypto activities.

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