Bitcoin had a past which dominated being part of the Darknet. One such website in which Bitcoin had a significant part of was known as the Silk Road. The Silk Road was a darknet market website known for selling illegal items such as drugs online. Thanks to Bitcoin’s pseudo-anonymity people used it as a transactional means of getting their hands on illegal drugs on Silk Road.
The hell’s gate of Bitcoin’s past has opened up, and apparently, $1 billion worth of Bitcoin has been moved from its cold wallet. These details have emerged thanks to a Redditor by the name of ‘sick_silk.’
The first post by ‘sick_silk’ indicates the movement of funds with the details of the movement.
‘It seems that the owner of a huge #SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets.
The original wallet owned 111,114.62 $BTC / $BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks).
Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).
The chunks have been divided over time to 60,000 coins then to 30,000 / 20,000 / 10,000 / 5,000 / 500 and now 100 coins.’
The user proved the identity of the wallet through a comment which pointed towards a Bitcoin forum conversation.
‘For those who asked, the original wallet (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a) seems to be related to a SilkRoad address per this post: https://bitcointalk.org/index.php?topic=310600.0.’
However, there is no clear indication whether it is Mt Gox or Silk Road as stated by the Reddit user.
‘This amount of $1B in bitcoins that MtGox is going to return to customers looks pretty familiar, it could match the 111,114-coin wallets we are investigating here: https://btcmanager.com/mt-gox-preparing-return-1b-stolen-bitcoin-affected-users/.’
When you dig a little deeper into the Reddit account, you will have noticed that the Reddit user made the account before the post on Silk Coin’s movement of BTC. There is no history of posts, and the identity itself remains a mystery.
A Twitter user by the name of Ian James Lake spoke about the unfortunate history Silk Road had with Bitcoin given the nature of its business and how people did not want to be part of Bitcoin for those reasons.
Silkroad was the ‘killer app’ for bitcoin back then. Personally I wasn’t interested in bitcoin because of silkroad. I had the impressions that bitcoin was for criminals. A lot of other people saw it for just this as well, as a lot of main stream media indicated ties to drugs/etc.
— Ian James Lake (@metalslaw) September 2, 2018
With the opinions thrown into the post by the Reddit user called ‘sick_silk’ many have claimed it to be FUD (Fear, uncertainty and doubt) to which the Reddit user replied.
‘This article and work is intended to mature audience and dedicated to those who read more than the article’s title. Enjoy your week-end.’
Reddit user ‘sick_silk’ has not stopped the digging into the case, 3 days ago he took a deeper look into the wallet activity. According to the new Reddit post, the owner has transferred 15,593 BTC from the original 111,114 BTC to major cryptocurrency wallets of Bitfinex and Binance.
That is a total sum of 14% of the funds which is more than a whopping $110 Million.
Surprisingly the origin address, in the opinion of Reddit user ‘Wadis10’ in one of the replies, is linked to Craig Wright according to a court case.
‘Wadis10’ claims that Craig Wright could be manipulating this to win control of BCH from Bitcoin ABC.
When digging into the Origin Address of 15ihHoGs3onQBNnEH8afDFGvou9nD62Hm7 you will notice a transaction being carried out of a mere 0.00001000 BTC just a day and 9 hours ago at the time of writing. The person is very much active, and most probably sending it to an exchange.
There was a huge dump in BTC yesterday after the move which may have been due to people selling their coins out of fear. For an in-depth catch up on the latest price action, check out our latest BTC/USD technical analysis piece.
With the number of responses appreciating sick_silk’s hard work, there are no stopping sick_silk’s investigative skills. Who knows sick_silk may soon head a CryptoCurrency Crime detective squad!