US Digital Wallet Linked to Silk Road Moves Bitcoin, Analysts Say
- The government account has funds from Silk Road, Arkham says
- The account may be readying to send all funds to Coinbase
Market participants have been watching US government’s Bitcoin addresses for transfers, as any sales could impact the cryptocurrency’s price.
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A U.S. government account holding almost $2 billion in Bitcoin confiscated from the former black-market website Silk Road completed several transactions Tuesday ahead of an expected eventual liquidation of the assets, according to several blockchain analytics firms.
The so-called digital wallet transfered about $65 in a test to a deposit address of Coinbase Global Inc.’s Coinbase Prime unit, according to Arkham Intelligence Inc. In total about $131 million in transfers to Coinbase were made Tuesday, with the majority of the funds moved to different US government-associated addresses, the firm said.