In a significant on-chain event, hundreds of cryptocurrency wallets linked to the defunct darknet marketplace Silk Road became active on Tuesday after over a decade of dormancy. Data from blockchain intelligence firm Arkham shows that approximately 312 wallets collectively transferred $3.14 million worth of Bitcoin (BTC) to a single, unidentified address beginning with "bc1q…ga54."
The timing of the movement is notable, occurring after U.S. President Donald Trump issued a full and unconditional pardon earlier this year for Silk Road founder Ross Ulbricht, who had been serving multiple life sentences. While the direct reason for the wallet activity remains unclear, the methodical, batch-transfer nature has led to speculation of administrative action, possibly by a government agency consolidating seized assets.
The wallets involved still hold roughly $41.3 million in BTC, according to Arkham, indicating this transfer could be the beginning of a larger movement. The event resurfaced attention on a January post by Coinbase Director Conor Grogan, who had identified roughly $47 million worth of BTC in wallets tied to Ulbricht. Grogan referenced his earlier post in a reply to a pseudonymous operator who flagged the latest transfers.
While Ulbricht has stated he does not control these assets, the movement from such a notorious source carries potential market implications. Large, sudden movements from dormant wallets can influence market sentiment and create sell pressure if the funds are eventually sent to an exchange. The event underscores the transparency of Bitcoin's ledger, where historical assets can resurface and impact the present market.
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