On-chain analysts at CryptoQuant have confirmed earlier rumors that the US government has sold another large batch of Bitcoin (BTC) connected to the defunct dark web marketplace, Silk Road.
In a report shared with crypto potatothe firm said it sold 8,200 BTC to Silk Road hacker James Zhong on July 12.
This was slightly below previous estimates, indicating that the government had moved approximately 9,826 of its known wallets. It is also less than the first confirmed government sale of 9,861 BTC for $216 million in March.
Most of the coins were moved in a single transaction of 9,319 BTC, which sent 8,200 BTC to one address and 1,119 BTC to another.
The above address “forwarded the 8,200 Bitcoin to different addresses, [and] each address received 79 Bitcoin,” CryptoQuant wrote. “These coins were eventually deposited on exchanges or recombined in fewer wallets.”
Although not confirmed, it is believed that the other address with 1119 BTC is controlled by the government. “It is very likely that this address is the exchange address of the transaction,” he said.
The firm said that the government still has 195,307 BTC. These are related to seizures from other criminal incidents, including the bitfinex hack.
US Government Bitcoin Balance. Source: CryptoQuant
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This post US Government Sells Another 8,200 Bitcoin, On-Chain Data Confirms
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