US Government Transfers 10,000 Silk Road BTC to Coinbase

A wallet controlled by the US Department of Justice has transferred 10,000 BTC ($580 million), linked to the dark web marketplace Silk Road, to a Coinbase Prime wallet. The transaction was recorded by Arkham.

BREAKING: 10K Silk Road BTC ($593.5M) moved to Coinbase Prime

Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet. pic.twitter.com/kNLsiJzL95

— Arkham (@ArkhamIntel) August 14, 2024

Another address associated with the US government still holds 19,800 BTC ($1.15 billion) related to the shadow platform case.

Overall, the US authorities possess 203,239 BTC and other cryptocurrencies valued at approximately $12.22 billion.

Back in December 2023, an appellate court officially sanctioned the confiscation of 69,370 BTC, which belonged to the illicit online platform shut down over a decade ago. The assets were seized in November 2020.

In April 2024, a US government-controlled wallet holding 30,174 BTC initiated a transfer of ~2000 BTC to a Coinbase Prime address.

In July, the US Marshals Service selected the mentioned platform to provide storage and sale services for high-capitalization cryptocurrencies.