Nearly $600 million in seized Silk Road bitcoin sent to Coinbase wallet: Arkham

Ten thousand bitcoin, worth nearly $600 million, has been transferred to a Coinbase Prime wallet, according to Arkham Intelligence data. A wallet that “received 10,000 from a known U.S. government wallet 2 weeks ago … has just been sent on to … a Coinbase Prime deposit wallet,” Arkham said in a post to X. Roughly two weeks ago, a crypto wallet labeled as belonging to the U.S. Department of Justice appeared to send $2 billion worth of confiscated bitcoin to an unidentified wallet, also according to Arkham. The bitcoin is likely part of the approximately $2 billion worth of bitcoin the DOJ confiscated from the now-defunct Silk Road dark web market. In April, a wallet holding over 30,000 bitcoin appeared to send a test transaction of 0.001 BTC to another wallet belonging to Coinbase Prime, according to Arkham. At the end of 2023, a U.S. appeals court finalized a mandate that formalized the forfeiture of nearly 70,000 BTC and other crypto connected to Silk Road.