• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, June 12, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

The US govt transferred $217 million worth of Bitcoin to Coinbase

by Om Chaturvedi
March 9, 2023
in Bitcoin, Crypto
Reading Time: 2 mins read
0
The US govt transferred $217 million worth of Bitcoin to Coinbase

Credits: BitIRA

TwitterWhatsappLinkedin

A wallet associated with seized Silk Road funds moved $1.08 billion in BTC. The address moved 39,174 BTC to two new wallets, and 9,825 BTC to a wallet reportedly belonging to Coinbase. The funds were originally seized from Silk Road exploiter James Zhong in November 2021.

You might also like

Paving a New Path: Binance Launches Crypto Trading in Syria Post-Sanctions

Ignite your cloud mining journey with Bitcoin (BTC): BJMining helps you start efficient income

Ukraine Launches Bold Proposal to Add Crypto to National Reserves

The address, which begins with BC1QMX, transferred about 9,000 BTC ($199 million) to an address beginning in BC1QE, then 30,174 BTC ($667 million) to a second address beginning in BC1QF, and 9,825 BTC ($217 million) to a third address starting in 367YO. A little over 825 bitcoins ($18 million) remain in the original address.

The US
Credits The New York Times

According to on-chain security firm PeckShield, the original address belongs to the U.S. government, which uses the wallet to store some of the 50,676 BTC ($1.12 billion) it seized from Silk Road exploiter James Zhong in November 2021. Zhong obtained the sum by exploiting the darknet marketplace’s withdrawal mechanism in September 2012. He pleaded guilty to one count of wire fraud in November 2022.

The first two addresses, which received a combined total of 39,174 BTC, were freshly created. However, PeckShield identified the third address (367YO) as belonging to U.S.-based crypto exchange Coinbase. Bitcoin on-chain analytics firm Glassnode and on-chain analytics firm Lookonchain both echoed PeckShield’s findings. Crypto Briefing was unable to independently verify wallet ownership.

Silk Road was the first crypto-powered dark market, hosting eBay-styled listings for all manner of contraband, including narcotics and firearms. Ross Ulbricht launched the platform in 2011, and it shut down in 2013 after Ulbricht’s arrest. Authorities seized 173,991 BTC at the time, including 144,336 owned by Ulbricht. The government sold those coins in four auctions in 2014 and 2015.

Coinbase
Credits: India Today

In November 2020, the U.S. Department of Justice filed a civil forfeiture action against a U.S.-based person it claimed was in possession of more than 50,000 BTC they had stolen from Silk Road.  In November 2022, the U.S. Department of Justice said a Georgia man named James Zhong had pleaded guilty to wire fraud. He was sentenced to nine years in prison and forfeited the stash of BTC to the government as part of a plea deal.

An open market sale would be a departure from authorities’ past handlings of seized digital assets. The government usually sells seized assets at auction. In 2014 and 2015, the government auctioned off bitcoin seized from the owner of virtual black market platform Silk Road.

Although concerns about the tokens’ sale on the open market may be overblown, fears that bitcoin prices could take a hit are not entirely unjustified, says Conor Ryder, a researcher at crypto markets analysis firm Kaiko.

Tags: #Coinbase GlobalbitcoinUS
Tweet54SendShare15
Previous Post

Debate over SMS two-factor authentication after lawsuit against coinbase

Next Post

Amazon to launch NFT marketplace

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Paving a New Path: Binance Launches Crypto Trading in Syria Post-Sanctions

by Anindya Paul
June 12, 2025
0
Binance

In a historic development, cryptocurrency exchange superleague Binance has formally launched in Syria, after the United States lifted 20 year old sanctions on that country on May 23....

Read more

Ignite your cloud mining journey with Bitcoin (BTC): BJMining helps you start efficient income

by Techstory
June 12, 2025
0
Ignite your cloud mining journey with Bitcoin (BTC): BJMining helps you start efficient income

As digital assets gradually move from "novelty" to "mainstream", Bitcoin is being viewed by more and more investors and companies as the cornerstone of "digital gold" and global...

Read more

Ukraine Launches Bold Proposal to Add Crypto to National Reserves

by Anindya Paul
June 11, 2025
0
Ukraine

Ukrainian legislators have made an unprecedented move in the Verkhovna Rada by submitting a draft bill (No.13356) to allow the National Bank of Ukraine (NBU) to take Bitcoin...

Read more
Next Post
Amazon to launch NFT marketplace

Amazon to launch NFT marketplace

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?