Cryptocurrencies were widely known as assets that aid darknet transactions. Silk Road was one of the primary and popular platforms offering crypto access to Darknet. The Darknet market founded by Ross William Ulbricht is once again making headlines following the movement of funds from the Silk Road wallet.
Silk Road Makes Headlines Once Again
Silk Road was known for several things including the peddling of drugs, money laundering and even hiring people for murder. However, this didn’t last for long as the US government took the website down in 2013 and charged Ulbricht with a life sentence. The Silk Road wallet accumulated a lot of Bitcoin and was sold in several government auctions. Most recently, CipherTrace reported that Bitcoin worth about $1 billion was on the move, however, the crypto platform went on to link this with the Silk Road wallet.
In its latest report, CipherTrace pointed out that there were two transactions that accounted for about 69,370 Bitcoins worth over $960 million was carried out by an address that had connections with the Silk Road market. CipherTrace conjectured that this move by the anonymous user was to stay on par with the ongoing trends in the Bitcoin network. This user reportedly started the transaction by sending just 1 Bitcoin as a test transaction and then went on to carry out the large transaction.
April of 2015 was the last time anyone moved funds associated with the darknet. CipherTrace also laid out several speculations that included the prevention of a hack or the possibility of an already formulated hack.
Blockchain tracker Elliptic also affirmed the same, however, the founder of the firm, Tom Robinson was only 60% certain that the aforementioned funds were from the Silk Road wallet. Speaking about the matter, Robinson tweeted,
“Why the sudden large movement of funds? A copy of the encrypted wallet file is reportedly being circulated – if someone cracked the password they could seize the bitcoins. The owner of the wallet has perhaps moved the BTC to a new wallet to prevent this.”
Furthermore, Robinson also speculated that the Bitcoins that were recently moved belonged to Ross Ulbricht.
Bitcoin At Its Highest Since January 2018
Bitcoin has been rightfully labeled as the king coin as the asset has been growing exponentially. At the time of writing, BTC was trading at $13,790.15 and was surging by over 2.59% over the last 24-hours. Several in the crypto community lauded the king coin for its breakthrough as the coin pushed past several levels of resistance.
Additionally, the account associated with the latest movement of Bitcoin is reportedly the world’s fourth-richest BTC address.
