🔥 Hot Take: Feds Control Silk Road Bitcoin Stash, Sends Funds to Coinbase 🔥
Bad News:
– 9,800 BTC from Silk Road moved to wallets controlled by Coinbase
– U.S. government holds funds worth $302 million
Good News:
– Bitcoins came from convicted Silk Road hacker James Zhong
– Federal authorities seized over 51,000 bitcoins from Zhong
Key Points:
1. Federal authorities seize Silk Road hacker’s bitcoins
2. Government sells over 9,800 BTC for $200 million in March
3. Onchain activity detected prior to the sale
4. Speculation that all BTC from Zhong’s stash has been sold on Coinbase
5. Unusual move as government typically auctions off seized BTC, but now using spot exchanges
In summary, the feds control the Silk Road bitcoin stash and have sent the funds to Coinbase. This move is unusual as the government usually auctions off seized BTC, but they have recently started using spot exchanges. It is speculated that all the bitcoins from the hacker’s stash have been sold on Coinbase.
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