Home Cryptocurrency Bitcoin News Silk Road Wallet: $1 Billion Worth Bitcoin Moves Out

Silk Road Wallet: $1 Billion Worth Bitcoin Moves Out

A London-based blockchain analysis firm named Elliptic has confirmed that Bitcoin worth nearly $1 billion that is linked to the Silk Road wallet has moved out. Silk Road dark web market was closed down by the U.S. federal authorities back in 2013 as its creator, the famous Ross Ulbricht had been sentenced to life in prison two years after. The website that supported the sale of various illegal goods and as well as drugs was taken down and a seizure banner was put up for those who were the regular visitors of the marketplace.

The blockchain firm Elliptic that tracks the movement of illegal money, especially, the cryptocurrencies stated that it had picked up on a transaction of the funds that are believed to have originated from the Silk Road Wallet. The company had also mentioned that in total 69,369 Bitcoin (BTC) that accounted to $950 million on the current date had been moved out of a wallet (Address: 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx) that is believed to bear the fourth largest balance globally. Furthermore, it added that an encrypted file that kept on circulating amongst the hackers had allegedly contained the passcode that required for withdrawing the Bitcoin from the Silk Road Wallet.

“The movement of these bitcoins today … may represent Ulbricht or a Silk Road vendor moving their funds,” Tom Robinson, co-founder and chief scientist of Elliptic, said in a blog post. “However it seems unlikely that Ulbricht would be able to conduct a bitcoin transaction from prison.”

“Alternatively, the encrypted wallet file may have been real, and the password has now been cracked — allowing the bitcoins to be moved.”

Although the Federal Bureau of Investigation (FBI) had seized 174,000 Bitcoin from Ross Ulbricht, Robinson stated that another 440,000 Bitcoin were earned via the Silk Road Commissions.

bitcoin-transaction
Image: DarknetLive

“There has always been the suspicion that proceeds of the Silk Road may remain in circulation,” he said.

The future is in the hands of the digital money, which is the reason why missing Bitcoin from the Silk Road Wallet is never a good thing. The Analyst companies like Elliptic have been putting in every effort to legitimize the use of Bitcoin via spreading education on future money.

Source: Digital Market News


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ASHTON ROSS
Ashton Ross is an economist and entrepreneur who have been covering topics on Bitcoin as a journalist since 2013. He has spoken about various aspects of Cryptocurrency and blockchain technology at numerous financial conferences around the world. He also talks about the Dark Web Links.

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