Silk Road Archives - Coin Engineer

Silk Road Bitcoin Wallets Move $3M to New Address!

Yeliz Akmaca — Wed, 10 Dec 2025 12:30:40 +0000

Silk Road-linked Bitcoin wallets have executed their largest movement in years. Approximately $3.14 million worth of BTC was transferred to an unknown new wallet, drawing renewed attention to Silk Road in digital markets.

Silk Road is known as one of the first major darknet marketplaces in cryptocurrency history. It also serves as a prominent example of how Bitcoin was used in illicit economies.

Unexpected Activity in Silk Road Wallets

According to blockchain analytics platform Arkham, wallets linked to Silk Road conducted 176 transactions on Tuesday. This represents the highest activity in the last five years. Previous years saw only a few minor test transactions. The new wallet, starting with bc1qn, holds only the $3.14 million transferred recently. The primary Silk Road wallets still contain about $38.4 million in Bitcoin.

This activity occurred following Ross Ulbricht’s full pardon by former U.S. President Donald Trump. Ulbricht, the founder of Silk Road, had been convicted of creating and operating the darknet marketplace and sentenced to double life imprisonment in 2015. After the pardon, supporters donated around $270,000 worth of Bitcoin to the Free Ross campaign.

Ulbricht May Still Hold Millions in Bitcoin

The U.S. government seized at least $3.36 billion worth of Bitcoin from Silk Road. However, some industry observers claim that Ulbricht may still possess several undiscovered wallets. Coinbase executive Conor Grogan revealed that 430 BTC, approximately $47 million, remains untouched in dormant wallets for over 13 years. Another wallet possibly linked to Ulbricht holds $8.3 million in Bitcoin, and in the past ten months, only three small test transactions were recorded.

Key details about wallets:

176 transactions represent the highest activity in five years.
The new wallet holds only $3.14 million in BTC.
Primary wallets still contain $38.4 million.
Undiscovered wallets potentially hold $47 million in BTC.

These movements demonstrate that Silk Road’s influence in digital markets persists and that some Bitcoin remains traceable. Experts note that the owner of the new wallet has not been confirmed, and any future transactions are being closely monitored.

Silk Road’s Ongoing Impact on the Crypto World

The resurfacing of Silk Road activity is seen as a warning for both darknet markets and cryptocurrency investors. Meanwhile, blockchain records continue to prove valuable for tracking past illicit activity and identifying potential risks in advance.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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Silk Road Founder’s Items Sold for Bitcoin

Yigit Taha OZTURK — Sun, 01 Jun 2025 15:15:45 +0000

A piece of crypto history has changed hands. Ross Ulbricht — the founder of Silk Road — auctioned off his personal items, including prison memorabilia and art, collecting over $1.8 million in Bitcoin.

Prison ID Sells for 11 BTC in Historic Crypto Auction

Using the Bitcoin-only marketplace Scarce City, Ross Ulbricht sold a variety of items tied to his life before and during prison. From a backpack and sleeping bag to notebooks, prison clothing, and paintings, collectors eagerly bid in BTC, driving the total proceeds past $1.8 million.

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The biggest draw? Ulbricht’s final prison ID card, which alone sold for 11 BTC (~$1.1 million). Ulbricht remarked on the photo, saying:

“The guard tried to stop me from smiling — but joy comes from within.”

Collaborative Prison Art and Collector Demand

A collaborative painting made with a fellow inmate named “Omega” sold for 1.01 BTC, while other items included hand-painted works, a prison lock, and handwritten notes.

Participants had to deposit 1% of their bid as collateral. Late bids reset the auction timer, keeping the process transparent and competitive. Bitcoin was the preferred payment method, though smaller bids via PayPal were also accepted. All payments are due by June 2.

Dormant Wallets Hold $47M in BTC

Beyond the auction, Ulbricht may still be linked to significant Bitcoin holdings. Coinbase exec Conor Grogan revealed that around 430 BTC (~$47M) across dormant wallets associated with Ulbricht were never seized by the U.S. government.

Arkham Intelligence backed the claim, identifying 14 wallet addresses linked to Silk Road, one holding over $9 million in BTC alone.

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USA Moved Bitcoins from Sae-Heng Wallet to a New Address!

Yigit Taha OZTURK — Fri, 28 Mar 2025 08:00:37 +0000

The US government has moved Bitcoin (BTC) holdings from the Sae-Heng confiscated funds wallet to a new address. This move comes amid ongoing discussions about creating a national crypto reserve with confiscated assets.

Bitcoin Transfer Details and New Wallets

On-chain tracking platform Arkham reported that on March 27, the US government moved 93.96 BTC (~$8M) to a new wallet, along with 884.33 ETH (~$1.77M).

Arkham announcement:

“The US government has transferred $8.46M in BTC from the Sae-Heng confiscated funds wallet.”

Despite this transfer, the US government still holds over $17 billion in crypto assets, with 198,000 BTC making up the majority of its reserves.

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Confiscated BTC and the ‘Pig Butchering’ Scam

The Sae-Heng wallet holds funds seized from a ‘pig butchering’ scam targeting US citizens. The assets were confiscated from Wanpadet Sae-Heng’s Binance account and initially transferred to a government-controlled storage wallet.

Total confiscated assets include:

97.33 BTC
2.56M DOGE
884.33 ETH
85M ADA

While some confiscated funds might be returned to scam victims, larger forfeitures could be allocated to the government’s crypto reserves.

US Bitcoin Strategy and Reserve Plans

On March 7, President Donald Trump signed an Executive Order to create a crypto reserve, using Bitcoin (BTC) already held by the US government. The Strategic Bitcoin Reserve Act is still under review in Congress, but if approved, the reserve’s primary source of BTC would come from confiscations.

The US now holds more Bitcoin than China’s 190K BTC, making it the largest state BTC holder. While previous plans considered liquidation, the government has now shifted to holding BTC as a strategic asset.

Some funds may be returned to victims of scams, while Silk Road BTC and similar holdings may remain part of the national crypto reserve.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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How Much Bitcoin Does the US Hold, and Where Did It Come From?

Yigit Taha OZTURK — Fri, 07 Mar 2025 08:00:45 +0000

The US government currently holds approximately 198,109 Bitcoin (BTC), valued at around $17.7 billion, according to data from blockchain analytics firm Arkham Intelligence. This Bitcoin stash was primarily accumulated through seizures and forfeitures in criminal cases.

On March 6, President Donald Trump signed an executive order officially establishing the US Strategic Bitcoin Reserve (SBR). According to this order, any Bitcoin obtained through criminal or civil asset forfeiture proceedings will be added to the reserve.

However, federal agencies must conduct a detailed audit to determine the exact amount of Bitcoin currently held by the US government.

November 2020: Silk Road Seizure (69,370 BTC)

On November 3, 2020, US authorities seized 69,370 BTC, marking the largest crypto seizure at the time, valued at $960 million.

The Bitcoin was confiscated from an unidentified hacker known as “Individual X”, who had stolen funds from the illicit online marketplace Silk Road. US officials traced these stolen Bitcoin through wallet addresses linked to Silk Road founder Ross Ulbricht before the platform was shut down in 2013.

In December 2024, a court rejected a motion to block the forfeiture of these Bitcoin, allowing the US Department of Justice to sell them. By that time, the value of 69,370 BTC had risen to $6.5 billion.

January 2022: Bitfinex Hack (94,636 BTC)

On January 31, 2022, US authorities seized 94,636 BTC from Bitfinex hacker Ilya Lichtenstein, after accessing his cloud storage account, which contained a file with 2,000 crypto wallet addresses and corresponding private keys.

The seized Bitcoin accounted for approximately 80% of the 119,754 BTC that Lichtenstein had stolen from Bitfinex.

Lichtenstein and his wife Heather Morgan managed to launder 25,111 BTC before authorities could intervene.

In late 2024, Lichtenstein was sentenced to five years in prison, while Morgan received an 18-month sentence. However, experts have noted that the stolen Bitfinex funds were only seized, not forfeited. As a result, these funds could potentially be returned to Bitfinex.

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March 2022: Second Silk Road Seizure (51,351 BTC)

In March 2022, US authorities seized 51,351 BTC from James “Jimmy” Zhong, another hacker linked to Silk Road.

Four months later, US officials discovered the Bitcoin hidden in an underground floor safe and a popcorn tin stored in Zhong’s bathroom closet. At the time, the 51,351 BTC was valued at approximately $3.38 billion, making it one of the largest financial asset seizures in US history.

The US Has Started Selling Seized Bitcoin

On March 14, 2023, the US government sold 9,861 BTC for $215.7 million, all of which came from the Zhong forfeiture case.

Although additional sales of seized Bitcoin were expected to take place in four separate batches throughout 2023, these sales never materialized.

In January 2025, the Department of Justice received approval to sell 198,109 BTC seized from Silk Road. However, the Biden administration did not act on this before Trump‘s inauguration on January 20.

The US Plans to Expand Its Bitcoin Reserve

While the Strategic Bitcoin Reserve will initially be funded only with forfeited BTC, the White House announced that the Commerce and Treasury Secretaries will explore ways to acquire more Bitcoin without incurring costs for US taxpayers.

Moving forward, Bitcoin held in the reserve will no longer be sold. White House AI and Crypto Czar David Sacks criticized the previous US administration for liquidating seized Bitcoin, arguing that the new approach signals a long-term commitment to Bitcoin ownership.

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Trump Pardons Silk Road Founder

Tanju Akbıyık — Wed, 22 Jan 2025 09:29:54 +0000

U.S. President Donald Trump has announced that he has pardoned Ross Ulbricht, the founder of the online illegal marketplace Silk Road. Ulbricht, who has been in prison for 12 years, received a full and unconditional pardon.

Trump’s Statements

Trump made the following statements regarding the pardon:

“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross.”

Trump also described Ulbricht’s sentence of 40 years plus two life terms as “ridiculous.”

The Story of Silk Road and Ross Ulbricht

Ross Ulbricht was arrested in 2013 and sentenced to life in prison without parole in 2015. Ulbricht was punished for his role in founding and operating Silk Road.

Silk Road was an anonymous darknet marketplace where users could buy and sell both illegal and legal products using Bitcoin. This platform played a major role in Bitcoin’s early adoption.

Crypto Community’s Support

Pardoning Ulbricht was one of Trump’s many promises to the crypto community. Trump had pledged to pardon Ulbricht on his first day if re-elected.

Meanwhile, many people argued that Ulbricht’s role in Silk Road was exaggerated and that the platform’s free trade approach represented more than just crime. Some contended that he didn’t deserve a life sentence because both legal and illegal products were traded on the platform.

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Silk Road Assets Being Liquidated: $6.5 Billion Bitcoin Sale

Tanju Akbıyık — Thu, 09 Jan 2025 13:00:30 +0000

The United States has received approval to complete history’s largest cryptocurrency seizure operation and sell the confiscated Bitcoin. Here are the details:

Court Approval for 69,370 Bitcoin

The U.S. District Court for the Northern District of California issued a ruling on December 30 authorizing the Department of Justice to liquidate 69,370 Bitcoin. Chief Judge Richard Seeborg rejected opposing motions to prevent the sale.

These Silk Road-linked Bitcoin holdings are valued at approximately $6.5 billion. The Department of Justice, which had previously begun selling in smaller tranches, transferred about $2 billion worth of Bitcoin to Coinbase on December 3, 2024. The Department maintains a custody arrangement through the U.S. Marshals Service via Coinbase Prime.

Origin of Silk Road Bitcoin and Background

The seized Bitcoin originated from illegal transactions on Silk Road, a dark web marketplace shut down in 2013. These assets were surrendered to authorities in 2020 by a mysterious figure known as “Individual X.” The Department of Justice faced numerous lawsuits and objections during a four-year legal battle. However, the court rejected all challenges and approved the sale of the Bitcoin.

Should There Be Cause for Panic?

While the sale of Silk Road Bitcoin has the potential to create market fluctuations, experts indicate this won’t be catastrophic for the market. Ki Young Ju, CEO of blockchain analysis platform CryptoQuant, stated that the market saw approximately $1 billion in daily inflows last year and could absorb the government’s $6.5 billion sale within a week. Additionally, some crypto commentators suggest these sales may have already occurred.

The liquidation of Silk Road Bitcoin represents both a historic financial resource for the U.S. government and a significant milestone for the cryptocurrency market. This process appears likely to remain a topic of both legal and political discussion for some time. However, experts consensually advise against market panic.

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Trump Promises Silk Road Founder Ulbricht Pardon If Re-Elected

Tanju Akbıyık — Sun, 26 May 2024 11:00:55 +0000

The former President of the United States Donald Trump has pledged he will grant Silk Road founder Ross Ulbricht with a presidential pardon if he is re-elected in November’s election.

“If you vote for me on day one I will commute the sentence of Ross Ulbircht,” Donald Trump stated at the Libertarian Party’s National Convention in Washington on May 25.

“He’s already served 11 years, we’re going to get him home,” he said of the creator of Silk Road — which is known as the first modern darknet market with a payment system built on Bitcoin.

Silk Road started in 2011 and was run and operated by Ulbricht from his personal laptop under the username “Dread Pirate Roberts.” On Oct. 1, 2013, the U.S. Federal Bureau of Investigation (FBI) seized the laptop.

Ulbricht was convicted in a U.S. federal court in 2015 for various charges relating to the operations of the Silk Road. He was sentenced to two life terms plus forty years and no possibility of parole.

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117 Million Dollar Bitcoin Seized by Farace!

admin — Fri, 26 Jan 2024 20:36:10 +0000

In 2018, 117 million dollars worth of Bitcoin were seized from Silk Road drug dealer Ryan Farace and one other person who traded drugs using the Silk Road.

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In a statement, the United States made a statement stating its plan to sell Bitcoin assets seized in 2021.

On January 8, in a statement made by the US;

In 2021, it is planned to dispose of approximately 2,875 Bitcoins seized from Ryan Farace and Sean Bridges, as well as approximately 59 Bitcoins “as the Attorney General of the United States may direct”.

At the current exchange rate, the value of the seized Bitcoin assets is worth 117 million dollars.

In 2018, the US Department of Justice announced that it had charged Farace with illegally selling Xanax on the dark web.

The Justice Department said at the time; (Bitcoin)

The indictment alleges that Farace distributed the drugs through sales on the dark web in exchange for bitcoin. Earlier this month, the US Attorney’s Office sentenced Farace and his father Joseph Farace to prison for money laundering conspiracy.

Farace trafficked drugs over the internet under the username XANAXMAN with the help of the Silk Road website. The US government also said in a statement outlining its intention to sell Bitcoin that anyone who wants to claim “interest on confiscated property” can do so within 60 days.

Unrelated to the issue, a US appeals court ruling last December formalized the forfeiture of 69,370 Bitcoins tied to the Silk Road marketplace.

At the moment, everyone is keeping an eye on these assets because it is a big question how the sales will affect the price.

Silk Road founder Ross Ulbricht is currently serving a life sentence. From 2011 to 2013, he ran the shadowy website for the sale of drugs and weapons. The site was shut down by the Federal Bureau of Investigation following Ulbricht’s arrest in late 2013.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

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