News

DOJ Gets Silk Road Coins Worth $305M Stuck in Bitcoin Mempool

single-image

The DOJ is moving Silk Road bitcoins around. Very slowly, as it happens.

Bitcoin that once belonged to the Silk Road is on the move — about four months after the US Department of Justice (DOJ) sold millions of dollars worth of it on Coinbase.

Stay in the know on crypto by frequently visiting Crypto News Today

A string of transactions involving Silk Road bitcoin was waiting to be confirmed Wednesday morning. Altogether, 9,825 BTC ($302.2 million) queued for sending by addresses tied to the DOJ.

The addresses are directing the bitcoin to unused addresses. The DOJ has shuffled its Silk Road stash before, so it’s too soon to say it intends to be sold immediately. 

CryptoCaster Quick Check:

Still, authorities offloaded 9,800 BTC in March directly to US-based platform Coinbase for $21,800 per token, generating $215 million.

At the time, officials said they intended to sell an additional 41,500 BTC ($1.27 billion) seized from Silk Road hacker James Zhong across four batches.

Bitcoin is today worth $31,600 after shedding a few hundred dollars after word of the transfers first broke.

Silk Road, one of the first marketplaces powered by bitcoin payments, went dark in October 2013 as US authorities arrested founder Ross Ulbricht. He was charged the following year and eventually sentenced to consecutive life sentences plus 40 years without parole.

The DOJ’s pending Silk Road transactions are currently facing a confirmation delay, potentially caused by inadequate transaction fees. (The transactions were later confirmed.)

One had been waiting 20 minutes at time of writing, another for more than 40 minutes, with both blocks unconfirmed. The DOJ appears to have only allocated a meager sum, only $8 in fees, for these transactions. Bitcoin blocks are processed on average once every 10 minutes.

The last time the department sold coins connected to the Silk Road, the US government paid more than $215,000 in transaction fees, officials said in court filings.

portal tracking bitcoin seized by the US government shows the Feds have missed out on $5.6 billion by selling BTC rather than holding it.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at BLOCKWORKS


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like