SILK ROAD SELL-OFF? $800M BITCOIN WALLET SEES MYSTERIOUS MOVEMENT
The results of multiple analyses by Reddit user u/sick_silk reveal the owner of the wallet, which first appeared in May 2014 with a balance of 111,114.615 BTC ($802.4 million), has begun “actively” moving coins to destinations including exchanges. Of the original hoard, 11,114 BTC ($80.3 million) has transferred to a Bitfinex wallet, while another 4421 BTC ($32 million) has gone to Binance.
“This represents 14% of the original funds and more than $110 (million),” the user notes.
As commentators consider whether the fresh activity marks the start of a sell-off of the giant stash of bitcoin, others continue to examine the origin of the funds and the possible identity of the wallet’s owner. Several theories devised by u/sick_silk remain open, including links to the now-defunct Dark Web marketplace Silk Road, a Mt. Gox cold storage wallet, and self-confessed Satoshi Nakamoto Craig Wright. The wallet could also belong to an anonymous major bagholder.
