United

Dollars

Bitcoin

Silk Road

Billion

<p>The United States government recently transferred Bitcoin worth about $2 billion, seized during an investigation into the infamous online black market, Silk Road. This operation drew the attention of crypto sector observers, as it represents one of the most significant Bitcoin movements conducted by the American authorities.</p>
<h2 id="h-the-american-government-transfers-2-billion-in-btc-related-to-silk-road">The American government transfers 2 billion in BTC related to Silk Road</h2>
<p>After the closure of the <a href="https://www.cointribune.com/bitcoin-btc-quest-ce-que-silk-road/" target="_blank" rel="noopener noreferrer nofollow">Silk Road</a> platform and the arrest of its founder Ross Ulbricht, American authorities intensified their efforts to locate and confiscate funds associated with its activities. These funds, resulting from seizures made as part of this investigation, had been confiscated from James Zhong, an individual accused of having stolen this Bitcoin on the platform by exploiting a flaw in its system.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Zhong pleaded guilty in 2022 to computer fraud charges. The seized BTC, which were originally worth about $3.36 billion at the time of confiscation, are now valued at nearly $2 billion due to market fluctuations.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-an-immediate-impact-on-the-bitcoin-market">An immediate impact on the Bitcoin market</h2>
<p><a href="https://x.com/arkham/status/1863623883422679160?s=46&amp;t=zj7ICl0Lw9vdTKh741lFIQ" target="_blank" rel="noopener noreferrer nofollow">This transfer</a> had an immediate impact on the crypto market. The price of BTC dropped by over 2% in one hour, currently trading around $95,476. This volatility shows how large movements of Bitcoin can influence the market.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
 </div>
</div> 
<p>Mike Novogratz, crypto entrepreneur and CEO of Galaxy Digital, criticized the timing of this transfer. He pointed out that while the federal government frequently moves seized Bitcoins between different wallets and custodians, these transfers do not always signal an intent to liquidate. However, the uncertainty surrounding these movements can lead to significant price fluctuations.</p>
<p>In summary, the transfer of $2 billion in seized Bitcoin from Silk Road by the American government not only caused a temporary drop in prices but also raised questions about the future management of digital assets by authorities. Trump’s promise to create a strategic reserve of <a href="https://www.cointribune.com/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> could signal a turning point in governmental policy towards cryptos.</p>

The Crypto Market Under Pressure: The USA Moves 2 Billion Dollars In Bitcoin Seized From Silk Road

Table of Contents

Cointribune EN

Other articles published on Dec 2, 2024

HBAR and KAIA Surge as Litecoin, EOS, and VeChain Show Strength

Crypto Meme Wars Heat Up BTFD Stuns in Presale, SPX6900 Becomes a Gamer Favourite and Neiro Bring...

Indian Gov. Supports Pi Coin: Fact Checking by CryptoTimes

Will the December Rally Push Bitcoin (BTC) to $100K?

U.S. Asset Managers Prepare Derivative-Based Bitcoin ETFs for Risk-Averse Investors

Here’s Why Shiba Inu’s (SHIB) 10% Daily Correction Could be Good News: Analysts

Join our free newsletter for daily crypto updates!