A massive stack of seized Bitcoin (BTC) belonging to the US government is on the move, on-chain data shows.
According to Blockchain.com, an address labeled as “The US Department of Justice” sent a total of 9,825 BTC, worth around $302 million, to a series of addresses.
It’s possible the Bitcoin is being sent to a crypto exchange like Coinbase to be sold on the open market.
In March, the government announced its intention to sell off the 51,351 BTC that it seized from James Zhong, who managed to hack illicit online marketplace Silk Road. Federal authorities tracked down the stolen Bitcoin at Zhong’s Georgia home, seizing 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, the same day that the government’s Bitcoin was spotted moving, the United States Attorney for the Southern District of New York announced that a senior adviser to the Silk Road marketplace was sentenced to 20 years in prison for his role in the operation.
Roger Thomas Clark, also known by a series of online monikers, was sentenced for conspiring to distribute “massive quantities” as he worked alongside Ross Ulbricht, the main owner and operator of the website, who is currently serving a life sentence.
Says U.S. Attorney Damian Williams,
“Silk Road was a secret online marketplace for illegal drugs, computer hacking services, and a host of other criminal activity. Roger Thomas Clark was a central figure in helping to lead Silk Road and in advocating violence, even murder, to protect this digital drug empire. Today’s sentence is another reminder that criminal marketplaces, like Silk Road, are a road to prison.”
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