A Bitcoin (BTC) handle that obtained 10,000 BTC from a US government pockets two weeks in the past moved the whole stash to a Coinbase Prime deposit pockets at this time, according to on-chain information.
The BTC moved within the transaction is a part of the crypto seized from the now-defunct darkish net market Silk Road. The quantity is equal to over $592 million and was moved to a Coinbase Prime scorching pockets.
On Apr. 2, the US government moved 31,800 BTC to one other pockets and has been distributing this quantity to completely different addresses since then.
Notably, according to on-chain information platform Arkham Intelligence, the US government nonetheless holds over $1 billion in Silk Road-related BTC.
The US authorities seized 50,000 BTC tied to the Silk Road once they arrested James Zhong in November 2022. Zhong is accused of hacking the darkish net market in 2012 and stealing the seized quantity.
The final recognized promoting motion associated to Silk Road’s BTC stash occurred in March 2023, when the US bought 9,861.17 BTC.
Resilience amid potential ‘government dump’
“Government dump” actions turned infamous throughout the crypto neighborhood after the German government bought practically 50,000 BTC seized after closing the piracy platform Movie2k. The episode lasted 23 days and triggered Bitcoin’s price to fall 17% between mid-June and mid-July.
Nonetheless, this time Bitcoin is exhibiting resilience amid the US government motion. Regardless of falling 4% over the previous 24 hours, the price variation during the last hour is optimistic 0.5%.
A report published by CoinGecko in late July revealed that governments all over the world maintain practically 483,400 BTC, with the US government taking the highest rank with a complete stash of 213,297 BTC.
Eradicating 10,000 BTC from the latest US government motion and contemplating the present price of $59,160.64, the full quantity held by sovereign states is sort of $28 billion.
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