United States Government Moves $2 Billion in Seized Bitcoin

The U.S. Government recently transferred over $2 billion worth of Bitcoin (BTC) from the cache seized from the Silk Road dark web marketplace.

This transfer is one of the largest Bitcoin movements by the government in recent history and has caused a stir in the market.

Arkham Intelligence data reveals the transfer is associated with the wallet labeled “U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj).” This wallet moved roughly 29,800 BTC.

The first transfer involved 27,799 BTC, while the second was a smaller transfer of 0.001 BTC to a different wallet.

Despite the transparency provided by on-chain data, the motives behind these transfers remain unclear. This action by the U.S. Government follows the German Government’s recent conclusion of its Bitcoin selloff.