Big BTC transfer (69,369 BTC) from unknown wallet to unknown

[Em00n01]

🚨🚨 69,369 BTC ($955,011,600) transfered from Unknown to Unknown
a minute ago (Via Whales Alert)


I think, this Big BTC transfer is connected with this article. Have a look at this....

"The U.S. Justice Department has seized and is now seeking the forfeiture of thousands of bitcoins tied to the now-defunct Silk Road dark web market, with the holdings valued in excess of $1 billion."

U.S. officials seize 'more than $1 billion in bitcoin' tied to Silk Road: https://www.theblockcrypto.com/linked/83695/us-seizure-silk-road-bitcoins-report

[AB de Royse777]

I always wonder how do an agency or anyone can seize bitcoin. They interrogate you and get the private key?

Anyway, while no one would know the reason of moving the coins unless the guys speak about it (Obviously not happening) but my guess is that maybe they are wanting to cash it out since the price is better now and some people had this experience of not selling their coins back in 2017 when the price was $19K+.

Bitcoin price is now $15K which is a sweet spot to sell for some especially those whales will want to take this opportunity I guess.

[DdmrDdmr]

You're right, the option that nobody had in mind, is the one that made the breakthrough: The DOJ

https://techcrunch.com/2020/11/05/justice-department-silk-road-billion-bitcoin/
https://www.courtlistener.com/recap/gov.uscourts.cand.368440/gov.uscourts.cand.368440.1.0.pdf

Apparently, is was "volunteered" over to the DOJ by Individual X, no doubt after reaching an agreement to reduce or nullify his potential jail sentence.  

According  to  an investigation  conducted by the Criminal  Investigation  Division  of  the  Internal Revenue Service and the U.S. Attorney’s Office for the Northern District  of California, Individual  X  was the individual  who moved the cryptocurrency from Silk  Road.  

According  to the investigation, Individual  X  was able  to hack into  Silk  Road  and gain  unauthorized  and illegal  access to Silk  Road  and thereby steal the illicit  cryptocurrency  from Silk  Road and move it  into  wallets  that Individual  X  controlled.  

According  to the investigation, Ulbricht  became aware of Individual  X’s online identity  and threatened Individual  X for return of the cryptocurrency  to Ulbricht.   Individual  X did  not  return  the  cryptocurrency  but  kept  it  and  did not  spend  it.  

On  November  3,  2020,  Individual   X   signed  a Consent and Agreement to Forfeiture  with the U.S. Attorney’s Office, Northern District  of California.   In that  agreement,  Individual   X,  consented  to the forfeiture  of  the Defendant Property to the United States government.

On  November  3,  2020,   the  United  States  took  custody  of the Defendant Property from 1HQ3

The auction of the decommissioned BTCs will be epic when the time comes …

[stompix]

Apparently, it was "volunteered" over to the DOJ by Individual X, no doubt after reaching an agreement to reduce or nullify his potential jail sentence.  

So, is not that much seize as receiving, thank you very much for your actions!
I wonder what the deal was, when I read the court filing I saw that he has only transferred 100 Bitcoins out of that but that was 5 years ago and worth only $25k, I doubt he considered that enough for a "fee" to give back 1 billion right now..Maybe he has some other stashed away from other activities and they have promised him he will keep those?

The auction of the decommissioned BTCs will be epic when the time comes …

Yeah, they only need 3100 more of those to cover the deficit this year, too bad for them there ain't that many coins for that right now.  I just hope they don't go again and split it in large chunks like 10k BTC or something, especially considering the price, it would prevent a lot of companies or individuals out there to bid for them, more competition better prices, fewer reasons to sell next month.

I always wonder how do an agency or anyone can seize bitcoin. They interrogate you and get the private key?

Give the keys or you're in for 10-25 years in prison and by the time you come out no matter how much a BTC is going to be worth you won't be able to buy all the viagra you need. How does it sound? Pretty close to the $5 wrench attack!

[jackg]

The auction of the decommissioned BTCs will be epic when the time comes …

Yeah, they only need 3100 more of those to cover the deficit this year, too bad for them there ain't that many coins for that right now.  I just hope they don't go again and split it in large chunks like 10k BTC or something, especially considering the price, it would prevent a lot of companies or individuals out there to bid for them, more competition better prices, fewer reasons to sell next month.

I think they did something like that before and sold it for 2/3rds its value... If the same happens again we might be in for a correction in price at the very least.

They're probably going to be better off finding a company who can strategically shift them for them or try to manage the funds internally selling them off a small amount at a time...

[sunsilk]

A thread was made 3 days ago addressing that wallet transfer and there's a long and ongoing discussion on that thread.

Thread: One of the top 10 btc wallets hacked?

[Francis Freeman]

🚨🚨 69,369 BTC ($955,011,600) transfered from Unknown to Unknown
a minute ago (Via Whales Alert)


I think, this Big BTC transfer is connected with this article. Have a look at this....

"The U.S. Justice Department has seized and is now seeking the forfeiture of thousands of bitcoins tied to the now-defunct Silk Road dark web market, with the holdings valued in excess of $1 billion."

U.S. officials seize 'more than $1 billion in bitcoin' tied to Silk Road: https://www.theblockcrypto.com/linked/83695/us-seizure-silk-road-bitcoins-report

That's what I read across the internet as well. That's a very huge amount of Bitcoin and it's interesting to see what the Fed will.do with it.
By the way only someone in the Fed will do a test transaction with 1 Btc to verify if they are sending to the right address.

[Parking_Meater]

What if they found out that the crooked feds from the silk road case were hiding more bitcoin then they were aware. Got it out of them from suddenly remembering.