A government-controlled U.S. wallet moved 10,000 BTC (~$963 million) tied to Silk Road to Coinbase Prime. The transaction was flagged by Arkham Intelligence.
10K BTC ($963M) has been moved from 33Tg to Coinbase Prime. pic.twitter.com/D2kijONsmL
— Arkham (@arkham) December 2, 2024
Earlier, 19,800 BTC (~$1.92 billion) seized from the darknet marketplace had been moved. These funds are part of the Silk Road Bitcoin stash that began shifting in July 2024. At that time, 29,800 BTC were split between two wallets, with 10,000 BTC transferred to Coinbase in August.
The latest movement saw the 19,800 BTC divided again between two wallets. One sent Bitcoin to the U.S.-based exchange, while the other continues to hold 9,800 BTC (~$949.23 million).
According to Arkham Intelligence, the U.S. government now controls 96,097 BTC, 3,657 ETH, and other digital assets valued at approximately $19.6 billion.
A History of Seized Silk Road Assets
In December 2023, an appellate court officially confirmed the forfeiture of 69,370 BTC belonging to the Silk Road, which was shut down more than a decade ago. These funds were initially seized in November 2020.
In April 2024, a U.S. government-controlled wallet holding 30,174 BTC transferred ~2,000 BTC to an address on Coinbase Prime.
Context of Coinbase’s Role
The U.S. Marshals Service previously selected Coinbase Prime as the official custodian and seller of large-cap cryptocurrencies.
Reminder: The sale or movement of seized Bitcoin often sparks short-term market reactions due to the large volumes involved.
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