Bittime - On April 2, a large amount of Bitcoin previously seized by the US Department of Justice (DOJ) and linked to the Silk Road market was moved to a new address, raising concerns in the crypto community.
Background to the James Zhong Case
The cryptos being moved were related to James Zhong, who was convicted in 2022 of wire fraud related to the Silk Road market.
Zhong, in 2012, stole more than 50,000 BTC from Silk Road, an online black market that facilitated the trade of illegal goods.
In 2021, US authorities discovered most of the crypto confiscated from Zhong, including a hard wallet hidden in an unusual place, namely inside a popcorn tin kept under a blanket.
After seizing the property, the DOJ confirmed that approximately 40,000 BTC remained after selling a portion in March 2023.
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Significant Bitcoin Moves
The transaction that occurred on April 2 marked a major movement of Bitcoin from wallets associated with the DOJ.
Blockchain revealed that approximately 30,174 BTC, worth approximately $2 billion at the time, was moved to the new address. This invites speculation about the possibility of further sales of the confiscated cryptocurrencies.
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Impact on Bitcoin Markets and Prices
This move occurred in the context of a Bitcoin price decline of more than 7%, down to $65,475 at the time of the transaction.
Even though most of the seized crypto assets have been sold previously, large-scale movements like this still impact the market and spark interest in the crypto community.
The Silk Road market, which no longer exists, remains an important part of crypto history. With further revelations regarding the movement of seized crypto assets, this case is a reminder of the complexity and long-term impact of illegal crypto-related activities.
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How to Buy Crypto With Bittime
You can buy and sell crypto assets in an easy and safe way through more . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to purchase crypto assets at More , make sure you have registered and completed identity verification. Apart from that, make sure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can buy crypto assets in the application.
Learn How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out current crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informative and does not constitute an offer or solicitation to sell or buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in crypto asset exchange rate fluctuations.
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