//Huge stash of dark market bitcoins on the move

Huge stash of dark market bitcoins on the move

It’s a like a Hollywood movie. A shadowy figure works out out how to plunder a huge hoard of cash hidden away years ago by person or persons unknown, somehow connected to the criminal underworld. The money moves but no one knows who’s doing it – only that something big is happening, and that there are machinations going on far behind the scenes that most of us will never understand.Thousands of bitcoins sat in numerous accounts that have been dormant since 2014 have started moving. The original address and the activity connected to it have been the topic of an extensive investigation by reddit user sick_silk. The total value of those accounts, including BCH and other fork coins, approaches a billion dollars.In one post he discusses the origins of the BTC; in another, he shows that large amounts – around $100 million – have just been moved to Binance and Bitfinex – suggesting they will be sold for alts and USD respectively.From the analysis, it seems that the bitcoins ultimately come from a Silk Road address – the famous dark market that sold drugs and other illegal items for BTC, and that was shut down by the FBI in 2013. It appears that the coins were ‘tumbled’ back in 2014, and split among many different addresses. However, it was still possible to link them back to the original account, which was set up in 2011, with a transfer associated with Ross Ulbricht: the ‘Dread Pirate Roberts’ who founded the Silk Road.Read more: https://ift.tt/2NRALhc

It’s a like a Hollywood movie. A shadowy figure works out out how to plunder a huge hoard of cash hidden away years ago by person or persons unknown, somehow connected to the criminal underworld. The money moves but no one knows who’s doing it – only that something big is happening, and that there are machinations going on far behind the scenes that most of us will never understand.

Thousands of bitcoins sat in numerous accounts that have been dormant since 2014 have started moving. The original address and the activity connected to it have been the topic of an extensive investigation by reddit user sick_silk. The total value of those accounts, including BCH and other fork coins, approaches a billion dollars.

In one post he discusses the origins of the BTC; in another, he shows that large amounts – around $100 million – have just been moved to Binance and Bitfinex – suggesting they will be sold for alts and USD respectively.

From the analysis, it seems that the bitcoins ultimately come from a Silk Road address – the famous dark market that sold drugs and other illegal items for BTC, and that was shut down by the FBI in 2013. It appears that the coins were ‘tumbled’ back in 2014, and split among many different addresses. However, it was still possible to link them back to the original account, which was set up in 2011, with a transfer associated with Ross Ulbricht: the ‘Dread Pirate Roberts’ who founded the Silk Road.

Read more: https://cryptoinferno.org/news/huge-stash-dark-market-bitcoins-move/