Bitcoin

Silk Road

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  <p class="is-style-lead">Nearly 10,000 bitcoin (BTC), traced back to the darknet marketplace <a href="https://crypto.news/btc-hovers-around-22k-us-silk-road-btc-address-awakens/" data-type="URL" data-id="https://crypto.news/btc-hovers-around-22k-us-silk-road-btc-address-awakens/" rel="noopener noreferrer nofollow">Silk Road</a>, are seemingly on the move as per two as-yet-unconfirmed transactions. This would mark the most significant shift of Silk Road-related funds in recent months.</p> 
  <h2 class="wp-block-heading" id="silk-road-bitcoin-on-the-move">Silk Road bitcoin on the move</h2> 
  <p>Of this total, around 8,200 BTC are being reallocated to new wallets, with the rest potentially moving to what is referred to as “change wallets.”</p> 
  <p>However, the classification of this as a genuine fund movement remains a point of discussion, as these bitcoins might be returned to their source <a href="https://crypto.news/bitcoin-wallets-holding-at-least-1-btc-reach-1m-mark/" data-type="URL" data-id="https://crypto.news/bitcoin-wallets-holding-at-least-1-btc-reach-1m-mark/" rel="noopener noreferrer nofollow">wallets</a>, albeit under new addresses.</p> 
  <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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    <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
     <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> initially supported by the drop in <a href="https://twitter.com/hashtag/USD?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#USD</a> post <a href="https://twitter.com/hashtag/CPI?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CPI</a> release, then dragged lower on news US Gov Silk Road BTC tokens moving <a href="https://t.co/boWIOvLFQa" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/boWIOvLFQa</a></p>— Todd Groth, CFA (@Tgroth8) <a href="https://twitter.com/Tgroth8/status/1679161019917275136?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 12, 2023</a> 
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  <p>The first <a href="https://blockchair.com/bitcoin/transaction/7dcbeff9e6da0f4ec5133d2f8b6fbe8bb73e05c5ddc8f5e410d408f8150e02ca" data-type="URL" data-id="https://blockchair.com/bitcoin/transaction/7dcbeff9e6da0f4ec5133d2f8b6fbe8bb73e05c5ddc8f5e410d408f8150e02ca" target="_blank" rel="noopener noreferrer nofollow">transaction</a> involved a minor 0.01 BTC being transferred to wallet “361yog,” and a more substantial 506 BTC moving to a change address. The origin of these funds can be traced back to two distinct wallets, one of which is predominantly responsible.</p> 
  <p>In the succeeding <a href="https://blockchair.com/bitcoin/transaction/3c4e8e98890fa5c633d2a4f853751513e0a6558baa2318914eec73c727ef8316" data-type="URL" data-id="https://blockchair.com/bitcoin/transaction/3c4e8e98890fa5c633d2a4f853751513e0a6558baa2318914eec73c727ef8316" target="_blank" rel="noopener noreferrer nofollow">transaction</a>, the same wallet, “361yog,” received 8,200 BTC, while another change address was designated to receive 1,118 BTC. </p> 
  <p>Both transactions employed a “replace by fee” (RBF) function, typically used to supersede a previous transaction by offering a higher fee and used to expedite Bitcoin transactions during periods of network congestion.</p> 
  <p> You might also like: <a href="https://crypto.news/feds-seized-3-36-billion-worth-of-bitcoin-linked-to-silk-road-darknet-market/" rel="noopener noreferrer nofollow"> Feds seized $3.36 billion worth of bitcoin linked to Silk Road darknet market </a> </p> 
  <p>In the historical context of Silk Road-related bitcoins, the U.S. government seized over 50,000 BTC from an individual named James Zhong in November 2022.</p> 
  <h2 class="wp-block-heading" id="notable-arrests">Notable arrests</h2> 
  <p>Zhong, guilty of wire fraud, had illegally obtained the same amount of bitcoins from Silk Road in 2012.</p> 
  <p>In April, he received his sentencing. This seizure and other legal documentation pertaining to the founder of Silk Road, Ross Ulbricht, revealed information about corresponding&nbsp;<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">bitcoin</a>&nbsp;wallets, enabling blockchain analytics firms to monitor these addresses.</p> 
  <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
   <div class="wp-block-embed__wrapper"> <iframe title="Former FBI Agent On Early Bitcoin &amp; Silk Road Takedown | Chris Tarbell" width="1020" height="574" src="https://www.youtube.com/embed/1aIzG_fRdd4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <p>A similar movement of funds tied to Silk Road occurred in June. </p> 
  <p>However, it sparked debate over the actual control of these funds, with some speculating it to be under the U.S. government’s authority. </p> 
  <p>The wallet in question was indirectly linked to those mentioned in legal documents associated with the case. It showed similar ‘replace by fee’ characteristics.</p> 
  <p>In March, the U.S. government divested 9,861 BTC, stating plans to sell the remaining ones in four separate batches throughout the year. </p> 
  <p>The government still holds around 41,490 BTC from the seizure in the Zhong case. These coins are believed to be sold via&nbsp;<a href="https://crypto.news/coinbase-stock-closes-over-9-up-following-cboes-spot-bitcoin-etfs-partnership/" rel="noopener noreferrer nofollow">Coinbase</a>, a platform the SEC&nbsp;<a href="https://crypto.news/sec-vs-coinbase-and-new-lawsuit-history-of-the-years-long-battle/" rel="noopener noreferrer nofollow">alleges</a>&nbsp;operates as an unregistered securities exchange.</p> 
  <p> Read more: <a href="https://crypto.news/us-will-auction-41000-bitcoin-associated-with-silk-road/" rel="noopener noreferrer nofollow"> US will auction 41,000 bitcoin associated with Silk Road </a> </p>
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10,000 BTC tied to Silk Road on the move

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