Over the years, US law enforcement agencies have seized thousands of BTC from the Silk Road, and a sizeable portion of it has occasionally been put up for auction.

Over 50,000 Bitcoin worth $1 billion were transferred to new addresses from various wallets linked to law enforcement seizures made by the US government, some of which were moved to Coinbase on March 8.

PeckShield, an on-chain analytics company, shared data showing that three transfers came from the wallets of US law enforcement organizations. When American law enforcement agencies raided the Silk Road marketplace in November 2021, these wallets contained nearly 51,000 Bitcoin. Two wallet addresses were created from the seized Bitcoin.

The majority of these three transfers seem to be internal transfers. But 9,861 BTC or so were delivered to Coinbase. A 30,000 BTC transfer and a 9,000 BTC transfer are the other two.

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The Silk Road was the first contemporary darknet market and an online black market. Under the alias “Dread Pirate Roberts,” its American founder Ross Ulbricht launched it in 2011. The shop was among the first to accept Bitcoin payments, which contributed to the rise in popularity of cryptocurrencies. Authorities in the United States seized a number of things from the company’s founder, including large quantities of BTC that have occasionally been put up for auction.

Tim Draper, a well-known supporter of Bitcoin, purchased nearly 30,000 BTC in one of these auctions in 2014. The U.S. Marshals Service conducted a second online auction for 50,000 BTC in October 2015, selling 21 blocks of 2,000 BTC and one block of 2,341 BTC.

The movement of billions of dollars’ worth of bitcoin from wallets connected to U.S. law enforcement agencies sparked wild reactions and even wilder theories from Twitter users, even though only a small portion of the 50,000 BTC was sent to Coinbase. One noted that the market would experience significant selling pressure if U.S. agencies decided to sell their Silk Road Bitcoin. Some people also questioned the timing of the sale at the same time.