US government-associated crypto wallet transfers $2 billion of DOJ-seized bitcoin: Arkham data

The Block2024/07/29 17:52

By:The Block

Quick Take A crypto wallet labeled as belonging to the U.S. Department of Justice appears to have sent $2 billion worth of confiscated bitcoin to an unidentified wallet, according to Arkham Intelligence data.

A wallet labeled as belonging to the U.S. government transferred $2 billion worth of bitcoin to an unidentified wallet on Monday, according to Arkham Intelligence data.

The nearly 28,000 BTC -1.10% , valued at over $2 billion, appears to be tied to funds the U.S. Department of Justice previously confiscated from the now-defunct dark web market Silk Road. Late last year, a U.S. appeals court finalized a mandate that formalized the forfeiture of 69,370 of bitcoin and other crypto connected to Silk Road.

Over the weekend, former U.S. President Donald Trump once again said we would be willing to commute Silk Road founder Ross Ulbricht's sentence if re-elected president.

The DOJ seized the Silk Road-associate bitcoin in 2020 and then began seeking the official forfeiture of the crypto, which at the time was valued at over $1 billion. According to Arkham Intelligence, the U.S. government's crypto portfolio still holds more than $12 billion in bitcoin.

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