Decade-Old Silk Road Bitcoin Wallets Stir, Initiating Transfer
After more than ten years of inactivity, a cluster of wallets associated with the Silk Road marketplace moved a significant sum of Bitcoin on Tuesday. The funds were consolidated into a single unknown destination.
Data from Arkham Intelligence shows the movement of roughly $3.14 million in BTC from 312 wallets to one address. The purpose behind reactivating these wallets is currently unknown, and they reportedly retain a further $41.3 million in Bitcoin.
This activity drew attention from industry observers, including Coinbase’s Conor Grogan, who had previously tracked wallets connected to founder Ross Ulbricht. The transfers follow Ulbricht’s unconditional pardon issued by US President Donald Trump this year.
Following his release, Ulbricht has publicly advocated for the principles of decentralization. The Silk Road, though a hub for illegal goods, played a pivotal historical role in driving early adoption and use of Bitcoin.
