Dormant Silk Road Wallets Spring to Life, Moving Millions in Bitcoin
- More than 300 long-silent crypto wallets linked to the notorious Silk Road marketplace suddenly activated Tuesday.
- The wallets moved over US$3 million in bitcoin to a single unknown address. The reason for the unexpected movement remains unclear.
- The address still holds roughly US$41 million in BTC untouched as observers revisit earlier findings that tie these wallets to Silk Road creator Ross Ulbricht.
More than 300 long-dormant Bitcoin wallets linked to Silk Road suddenly have now moved their funds after a decade of inactivity.
Data from Arkham shows 312 wallets sent around US$3.14 million (about AU$4.8 million) in BTC to a single unknown address. These wallets still hold roughly US$41.3 million (about AU$63.2 million) in Bitcoin.
No one knows yet who controls the destination address or why the coins were moved. However, earlier this year, Coinbase’s Conor Grogan had already identified about US$47 million (about AU$71.9 million) in BTC tied to Ross Ulbricht, Silk Road’s creator. He resurfaced that analysis after the new movements were flagged on X.
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Whales Waking Up
Silk Road was a darknet market that helped popularise Bitcoin as a payment method. Its founder Ulbricht had been serving multiple life sentences until Donald Trump granted him a full pardon earlier this year. Since then, Ulbricht has re-emerged publicly, but there is no confirmed link in the text between him and these specific wallet moves.
We’ve seen a handful of crypto whales waking up after many years of being inactive. Most of them have started selling their BTC after the coin peaked at around US$126K (AU$190K). The gradual (and then sudden) sell-off pushed BTC below US$90K (AU$135.7K) on multiple occasions.
Others take a different path. One example is an Ethereum whale that woke up and, instead of selling, decided to stake over US$120 million worth of its ETH (around AU$180 million).
Read more: Australia Reaches Its ‘Kodak Moment’ as Stablecoins Poised to Redefine National Finance, Says Report
The post Dormant Silk Road Wallets Spring to Life, Moving Millions in Bitcoin appeared first on Crypto News Australia.
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