US Govt Moves $240M Worth of Silk Road Bitcoin to Coinbase: BTC Price Reacts

Published: Jun 26, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

According to the latest on-chain data, the United States government has transferred 3,940 Bitcoin ($240 million) linked to Silk Road to Coinbase Prime.

The move also represents one of the largest Bitcoin transactions by a government, following the BTC movement by German authorities.

Key points:

  • 3,940 BTC ($240 million) moved from US government wallets to Coinbase Prime.
  • The Bitcoin was initially seized from drug trafficker Banmeet Singh.
  • Assets were forfeited at trial in January 2024.
  • This transfer follows a pattern of government movements of seized cryptocurrencies.

According to Arkham, The Bitcoin that was moved to Coinbase was confiscated from Banmeet Singh, a convicted narcotics trafficker.

The legal proceedings culminated in January 2024. This was when the assets were officially seized by the US government following Singh’s trial.  

Also read: Ripple CEO Says Biden Will Lose Election Because Of SEC’s Gensler

This transfer is not an isolated incident. In late 2022, US authorities seized approximately 50,000 Bitcoin related to the Silk Road website. The website was a dark web marketplace known for facilitating illegal transactions.  

The last movement of Silk Road Bitcoin happened on April 2, 2024. This was when the government transferred $2 billion worth of Bitcoin, which also affected the price. 

Also read: Robert Kiyosaki Shares His Bitcoin Strategy Amid The Dip

The latest movement of BTC has also affected the price of Bitcoin, which has been trying to recover from its recent slump. Immediately after the news dropped, Bitcoin dropped to a low of $60,800.

BTC has been slowly gaining pace and touched $62,434 today after the Mt. Gox news that pulled BTC below $60,000. However, the whole market seems to have resumed its bloodshed at press time.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.