Two crypto intelligence companies reported that a billion dollars was moved in Bitcoin associated with Silk Road. Who was it?

Yesterday CipherTrace published a report where it was reported that an anonymous user moved 69,370 Bitcoins from an address associated with Silk Road. We tell you everything!

Bitcoin associated with Silk Road

Silk Road was closed by the US authorities in 2013, as the site allowed people to sell drugs and other illegal products. Two years later, its creator, Ross Ulbricht, was sentenced to life in prison.

Now CipherTrace has reported that 69,370 Bitcoins, or more than USD 960 billion, were moved in two transactions from a wallet of an Crowd Millionaire connected to Silk Road.

Elliptic, a crypto intelligence company, also reported the move. However, in the report Tom Robinson, co-founder of Elliptic, stated that he is not quite sure who owns the funds.

“I would say that I am 60% sure that these funds are from Silk Road at this time, I am not sure,” Robinson said.

Let’s remember that this wallet address associated with the Silk Road case, before the recent move, had the fourth highest balance of any Bitcoin address.

We should also bear in mind that an encrypted file has been circulating on hacker forums for the past year. Apparently, this file has the crypto keys needed to take over Bitcoins at this address.

There is therefore a possibility, albeit a small one, that a hacker managed to obtain the keys. But there is also the possibility that it was Ulbricht himself.

What do you need to know about this case?

According to Elliptic, Silk Road attracted about 150,000 buyers and thus 4,000 suppliers. Illegal negotiations and exchanges apparently took place, resulting in total sales of USD 183 million.

At the time, the FBI apparently confiscated approximately 174,000 Bitcoins belonging to Ulbricht. After they were confiscated, these Bitcoins were auctioned off by the US government.

However, it seems that the numbers are not entirely accurate. The reason is that the total commissions earned by Silk Road are believed to have totalled 614,000 Bitcoins. So the question is, where is the rest?

Let’s bear in mind that that amount of Bitcoin is currently valued at $6 billion.

“There has always been a suspicion that Silk Road profits can remain in circulation,” said Robinson.

Who will be behind this move? What will be the next step? We’d like to know your opinion!

Categories: Bitcoin