A massive pile of seized Bitcoin (BTC) from the US government is on the move, on-chain data shows.
According to Blockchain.com, an address labeled “The US Department of Justice” sent a total of 9,825 BTC, worth approximately $302 million, to a range of addresses.
It is possible that the Bitcoin will be sent to a crypto exchange such as Coinbase to be sold on the open market.
In March, the government announced its intention to sell the 51,351 BTC it seized from James Zhong, who managed to hack into the illegal online marketplace Silk Road. Federal authorities tracked down the stolen Bitcoin at Zhong’s Georgia home and seized the Bitcoin in November 2021, when it was worth $3.6 billion. Zhong pleaded guilty to committing wire fraud in connection with the theft.
Today, on the same day that government Bitcoin was seen moving, the United States Attorney for the Southern District of New York announced that a senior adviser to the Silk Road marketplace has been sentenced to 20 years in prison for his role in the operation.
Roger Thomas Clark, also known by a series of online monikers, was convicted of conspiracy to distribute “massive amounts” while working with Ross Ulbricht, the website’s main owner and operator, who is currently serving a life sentence.
So says American lawyer Damian Williams.
“Silk Road was a secret online marketplace for illegal drugs, computer hacking services and a host of other criminal activities. Roger Thomas Clark was a central figure in helping lead the Silk Road and advocating violence, even murder, to protect this digital drug empire. Today’s verdict is another reminder that criminal marketplaces, such as Silk Road, are a road to prison.”
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Image generated: Midway through the journey