Silk Road Wallets Transfer $3 Million in Bitcoin

Silk Road wallets moved $3 million in Bitcoin to an unknown address.

On December 9th, 312 cryptocurrency wallets linked to the darknet marketplace Silk Road transferred $3.14 million in Bitcoin to an unknown address, according to data from Arkham Intelligence.

Accounts affiliated with the platform still hold 415 BTC, valued at $38.5 million. They were last active in 2020. 

The reasons for the transfers remain unclear. Some users speculated that Silk Road might be “paying off debts or something similar.” Others noted that the transactions could be related to the consolidation of UTXO. 

In January, Coinbase’s Director of Product Conor Grogan discovered 430 BTC in dozens of wallets, allegedly linked to Silk Road founder Ross Ulbricht. That same month, U.S. President Donald Trump signed an order for his full and unconditional pardon. 

U.S. authorities arrested Ulbricht in 2013. In 2015, District Judge Katherine Forrest found him guilty of drug trafficking, conspiracy to traffic drugs, hacking computer networks, money laundering, and leading a criminal enterprise.

The platform’s creator received a double life sentence without the possibility of parole.

Ulbricht’s case garnered significant public attention. Over 250 organizations, notable individuals, and opinion leaders advocated for his release, including venture capitalist Tim Draper and Tesla CEO Elon Musk. 

In December 2024, the U.S. Department of Justice received federal court approval to liquidate 69,370 BTC confiscated from Silk Road.