Close to $1 Billion Worth of Bitcoin[BTC] on the Move from Silk Road Wallet

The cryptocurrency market has become one of the most trending development over the past couple of years. The most popular currency in this market that you probably know or have heard about being Bitcoins (BTC). Well, I just checked the value of a single bitcoin, and it is valued at a whopping $7,261.57.

A recent investigation carried out on a suspicious dormant bitcoin wallet that owned 111,114 BTC showed that these coins were on the move.

Origin of the Wallet

Ridiculous amount of money! That’s what I also thought. There are many speculations and theories surrounding these Bitcoins. But before we come to that let me bring you up to speed with the origin of this bitcoin wallet. Allegedly, the bitcoin wallet draws its source from Silk Road. Silk Road was an online black market website that was later shut down, where users could transact anonymously and was known to be a platform for trading illegal drugs.

You probably remember Ross Ulbricht who was arrested in 2013 and sentenced to life in prison as the founder and operator of Silk Road. The FBI did not entirely sell the bitcoins that were later seized from Silk Road, and somehow someone with access to the Silk Road Bitcoin wallet has started making transactions.

You are probably asking what shows that the wallet is connected to Silk Road. Well, from the investigations, the wallet has been dormant for close to 5 years which matches the time the crackdown leading to the closure of silk roads took place.

Bitcoin Transactions

Of the 111,114 BTC that have been idle for the past five years, 14% of these have been recently moved to Binance and Bitfinex exchange platforms in 10 days. This raises suspicion into this wallet. The investigation also showed that the anonymous individual is breaking the transfer of the $110 million worth of bitcoins into smaller portions of 30,000, 20,0000, 10,000, 5,000 and more recently 100 coins.

It is also noted that apart from transferring these amount into the two different platforms, he or she has begun to exchange the bitcoins for other currencies to prevent tracking.

It is still unclear what the individual plans with this massive amount of bitcoins. But then, this person is patient enough and is trying to cool the heat as he slowly clears the trail to make the bitcoins usable once again.

However, the effects of this entire process are noticeable in the transactions which have already affected the prices of bitcoin with a pump on the Bitfinex platform. The billion-dollar question is whether the individual will flood the bitcoin market by selling these bitcoins.