US Government Moves $2B Silk Road Seized Bitcoin
Arkham Intelligence suggests that the recent Bitcoin transfers might indicate a deposit to an institutional custody or service provider.
The United States government has transferred $2 billion worth of Bitcoin from its Silk Road seizure to an undisclosed wallet, just two days after former President Donald Trump proposed creating a "strategic national Bitcoin stockpile" if re-elected.
According to blockchain analysis platform Arkham Intelligence, the government wallet—previously holding 29,800 Bitcoin seized from the dark web marketplace Silk Road in 2022—moved the funds on July 29. The Bitcoin has since been transferred to another unidentified wallet.
Arkham Intelligence suggests that the recent Bitcoin transfers might indicate a deposit to an institutional custody or service provider. This comes after an earlier transfer in April, where approximately 2,000 BTC were shifted to a Coinbase Prime hot wallet. The U.S. Marshals Service, tasked with executing court orders, has contracted Coinbase for custodial services at $32.5 million.
The U.S. Department of Justice initially seized Bitcoin related to Silk Road in 2020, aiming for the official forfeiture of the assets, which were valued at over $1 billion at the time. Despite the transfer, the U.S. government's cryptocurrency portfolio still retains more than $12 billion in Bitcoin.
Donald Trump's pro-crypto promises made at the Bitcoin 2024 conference in Nashville, Tennessee. During his speech, Trump pledged that the US government would not sell any of its Bitcoin and outlined plans to establish the US as the “crypto capital of the world.” His proposals included implementing crypto-friendly policies and removing Securities and Exchange Commission Chair Gary Gensler.
