US Government Transfers 10,000 Silk Road BTC to Coinbase

A US government-controlled wallet has transferred 10,000 BTC (~$963 million) linked to Silk Road to Coinbase Prime, as noted by Arkham Intelligence.

10K BTC ($963M) has been moved from 33Tg to Coinbase Prime. pic.twitter.com/D2kijONsmL

— Arkham (@arkham) December 2, 2024

Previously, 19,800 BTC (~$1.92 billion) confiscated from the darknet marketplace were moved.

This is part of the Silk Road coins that began to move in July. At that time, 29,800 BTC were split between two addresses. In August, 10,000 BTC were sent to Coinbase.

The 19,800 BTC amount has now also been divided between two wallets. Bitcoins from one were transferred to the American exchange, while the second continues to hold 9,800 BTC, valued at ~$949.23 million.

According to Arkham, the US government controls a total of 96,097 BTC, 3,657 ETH, and other digital assets worth ~$19.6 billion.

In December 2023, an appellate court officially confirmed the confiscation of 69,370 BTC belonging to Silk Road, which was shut down over a decade ago. The funds were seized in November 2020.

In April 2024, a US government-controlled wallet with 30,174 BTC initiated the transfer of ~2,000 BTC to a Coinbase Prime address.

The US Marshals Service selected this service for the custody and sale of high-capitalization cryptocurrencies.