August 12, 2021
$1B of Bitcoin Moved From Silk Road Wallet
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$1B Of Bitcoin Moved From Silk Road Wallet

An anonymous crypto user moved around $1B worth of Bitcoin from an address related to the Silk Road wallet. Ciphertrace announced that the user may made the transaction in order to stay up to date with the network. But there is a possibility that it hacked as well. In the top news from cryptocurrency market, $1B of bitcoin moved from silk road wallet.


This amount moved for the first time form 2015

Recently, an unknown user moved around 69,370 Bitcoin from a Silk Road wallet. But, it may be a hacking attempt as well.

Ciphertrace is a crypto intelligence firm. It reported on Nov. 3 that the movement includes two different transactions. The total amount of transactions equivalent to 69,370 Bitcoin which roughly $960 million at the time of writing. The transaction performed from an address, which is connected with the Silk Road market place. It’s notable that Silk Road shut down by FBI in 2013. The user first sent 1 BTC, which seems they wanted to test, and then move the rest.

Ciphertrace reported that the user used a trick to send this amount. The trick was that they switched between address formats.

The last time that any funds moved related to Silk Road wallets was in April 2015.

$1B Of Bitcoin Moved From Silk Road Wallet; There is a hacking possibility as well

Ciphertrace is also suspicious about a hacking attempt. The firm announced that this movement may performed in order to secure the funds from hackers. The wallet owner wanted to prevent hackers from accessing the wallet.dat file. There is another possibility, hackers already cracked the file.

Silk Road; a platform for illicit activities

Silk Road was a darknet marketplace. By using this website, the users were able to buy and sell illegals such as stolen credit cards or even weapons. The founder of the website is currently serving two life sentences without the possibility of paroling. He is sued by contributing in money laundering activities. However, he still provides periodic analyses on the Bitcoin market from prison.

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