- In two separate transfers, this wallet transferred over 29,800 BTC.
- The United States government sent 60 Bitcoin, equivalent to around $4 million, last week.
U.S. authorities recently sent over $2 billion worth of Bitcoin from a hoard they seized from the Silk Road dark web marketplace. The crypto market is trembling because this is one of the largest Bitcoin transactions the government has made recently.
Arkham Intelligence reports that the “U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj)” wallet is associated with the transfer. In two separate transfers, this wallet transferred over 29,800 BTC.
Massive Sell-off Anticipated
In the first, 27,799 BTC and 0.001 BTC were sent to separate wallets. The reasons behind these transfers become quickly murky when on-chain data shows transparency in funds movements. An important point to note is that the US government has already conducted many transfers of this kind this month.
Just as prices were starting to fall in July, the US government sent 237 BTC, which was almost $14 million at the time. The funds originated from the assets that were first confiscated from two Estonian crypto entrepreneurs, Sergei Potapenko and Ivan Turogin, who were involved in a massive crypto fraud operation. An earlier transfer of 11.84 BTC occurred, perhaps as a test transaction, prior to the massive transfer.
The United States government sent 60 Bitcoin, equivalent to around $4 million, last week. After making their way to the wallet, the Bitcoins eventually made it to Coinbase Prime. Similar to this instance, the crypto community is upset since the rationale for the transfer is unclear. At the time of writing, Bitcoin is trading at $67,189, down 1.29% in the last 24 hours as per data from CMC.
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