News $1B Worth of Bitcoin Moves from the Silk Road Wallet

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Blockchain analytics company Ciphertrace has identified a massive transaction on the Bitcoin network that involves the movement of $1 billion of Bitcoin from the Silk Road darknet market for the first time since April 2015. According to the report, an anonymous user moved 69,370 Bitcoin from address 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx, a bitcoin wallet associated with Silk Road marketplace. The company did not rule out the possibility of hacking as well while providing details about the speculation of a possible hack. “While it is most probable that these transactions were made to stay up to date with the Bitcoin network, there is also some speculation that hackers could have cracked the wallet.” These movements could also mean that the wallet owner is moving funds to new addresses to prevent hackers from accessing the wallet.dat file or that hackers have already cracked the file.” Silk Road was an online black market, and the first darknet market, a platform best known for selling illegal drugs. In 2013, the FBI closed the website and arrested the founder of the website, Ross Ulbricht. Ulbricht was sentenced to double life sentences without parole, plus another 40 years.

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