US Digital Wallet Linked to Silk Road Moves Bitcoin, Analysts Say.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Kharif, Olga 3 of 3

Abstract

According to blockchain analytics firms, a U.S. government account holding nearly $2 billion in Bitcoin confiscated from the Silk Road website completed several transactions. The digital wallet transferred a small amount to Coinbase Prime as a test, with the majority of the funds being moved to different US government-associated addresses. Market participants are monitoring these transfers as any sales could impact the price of Bitcoin. The Silk Road website, which operated from 2011 to 2013, used Bitcoin for illicit sales before being shut down by the government. Its founder, Ross William Ulbricht, is currently serving a life sentence. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/04, pN.PAG
  • Document Type:Article
  • Subject Area:Social Sciences and Humanities
  • Publication Date:2024
  • Accession Number:176383656
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