DOJ’s Crypto Wallet Conducts Test Transaction, Linked to Silk Road Forfeiture Funds

DOJ’s Crypto Wallet Conducts Test Transaction, Linked to Silk Road Forfeiture Funds

Data from Arkham indicates that a crypto wallet, reportedly associated with the U.S. The Department of Justice, containing approximately $2 billion in bitcoin, conducted a trial transaction with Coinbase Prime

This wallet, which holds over 30,174 bitcoin, carried out a small transaction of 0.001 BTC ($65) with a wallet identified on Arkham as linked to Coinbase Prime, receiving one block confirmation so far. Normally, exchanges demand multiple confirmations for a transaction to be fully verified.

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The majority of the funds were transferred to a change address, suggesting they might not have moved significantly. However, this test transaction could indicate potential further transfers in the future.

The $2 billion in bitcoin is believed to be associated with assets confiscated by the DOJ from the Silk Road dark web marketplace, which is no longer operational. 

A U.S. appeals court at the end of the previous year issued a mandate finalizing the forfeiture of 69,370 bitcoins and other cryptocurrencies linked to Silk Road.

In 2020, the DOJ initiated the seizure and subsequent formal forfeiture process for these cryptocurrencies, which were valued at over $1 billion at the time.

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Sachin Chouhan is an avid entertainment enthusiast and dedicated follower of celebrity and entertainment news. He has always had a passion for the latest happenings in the world of entertainment and has made it his mission to stay up-to-date on all the latest trends, news, and gossip.

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