On-chain analysts at CryptoQuant have confirmed previous rumors that the United States government has sold another large batch of Bitcoin (BTC) connected to the defunct darknet marketplace, Silk Road. 

In a report shared with CryptoPotato, the firm said that the firm sold 8,200 BTC from Silk Road hacker James Zhong on July 12.
This was slightly under previous estimates, indicating that the government had moved roughly 9,826 from its known wallets. It’s also less than the government’s first confirmed sale of 9,861 BTC for $216 million in March. 
Most of the coins were moved in a single transaction of 9,319 BTC, which sent 8200 BTC to one address, and 1119 BTC to another. 
The former address “ forwarded the 8,200 Bitcoin to different addresses, [and] each address received 79 Bitcoin,” wrote CryptoQuant. “These coins were eventually deposited into exchanges or recombined into fewer wallets.”
Though not confirmed, the other address with 1119 BTC is believed to be controlled by the government. “This address is highly likely the change address of the transaction,” it said. 
The firm said that the government still holds 195,307 BTC. These are related to seizures from other criminal incidents, including the Bitfinex hack.

US Government Bitcoin Balance. Source: CryptoQuant

The post US Government Sells Another 8,200 Bitcoin, On-Chain Data Confirms appeared first on CryptoPotato.

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Filed under: Bitcoin - @ July 20, 2023 8:14 pm