Updated: April 2, 2024, 12:46 PM EDT
A cryptocurrency wallet classified as part of the U.S. Department of Justice and holding about $2 billion worth of Bitcoin appears to have started test transactions on Coinbase Prime, according to data from Arkham.
Wallets holding more than 30,174 bitcoins began trading at 0.001. BTC
-4.39%
The remaining funds were sent to the changed address. This means that they may have virtually stayed in the same place. However, if it is a test trade, further movement may occur.
The $2 billion worth of Bitcoin appears to be linked to funds the Justice Department seized from the now-defunct Silk Road dark web marketplace. Late last year, a U.S. appeals court upheld an order formalizing the confiscation of 69,370 Bitcoin and other cryptocurrencies associated with Silk Road.
DOJ in 2020 confiscated And it began seeking formal confiscation of the cryptocurrency, which was valued at more than $1 billion at the time.
Coinbase did not immediately respond to a request for comment.
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RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.