Silk Road-linked Bitcoin wallets move $3.14M to new address

Cryptocurrency wallets associated with the Silk Road marketplace transferred approximately $3.14 million worth of Bitcoin (BTC) to a new address on Tuesday, blockchain data from Arkham shows.

The 176 transactions represent the most substantial activity from these wallets in five years, following only three small test transfers earlier this year, according to Arkham.

All funds were sent to an unidentified address beginning with bc1qn. The primary Silk Road–tagged wallets continue to hold about $38.4 million in BTC, while the newly created address currently contains only the $3.14 million received from the latest transfers.

The owner of the destination wallet could not be independently verified.

Silk Road wallets, token holdings. Source: Arkham

In January, then-U.S. President Donald Trump issued a full pardon to Silk Road founder Ross Ulbricht, who had been serving a double life sentence without parole. Ulbricht was convicted in 2015 for creating and operating Silk Road, a darknet marketplace that enabled anonymous transactions for illicit goods using Bitcoin.

Source: Free_Ross

Following the pardon, supporters contributed roughly $270,000 in Bitcoin to the Free Ross campaign, based on on-chain data.

Silk Road founder may still control millions in crypto across unseized wallets

While the U.S. government seized at least $3.36 billion in Bitcoin connected to Silk Road, some industry observers contend that Ulbricht held additional wallets that were not identified during the seizures.

Conor Grogan, a director at Coinbase, noted that 430 BTC—worth about $47 million—remains unspent in wallets likely linked to Ulbricht and has been inactive for over 13 years.

Silk Road wallet 1cqvW, holdings. Source: Arkham

Another Silk Road-tagged wallet believed to be associated with Ulbricht holds $8.3 million in Bitcoin and, aside from three small test transactions in the past 10 months, has remained inactive for 14 years, according to Arkham.

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