100 Million$ worth of bitcoins moved into the market

100 Million$ worth of bitcoins moved into the market

Cryptocurrency News
September 4, 2018 by Ramaa Mohan
8054
Bullish Sentiments for Bitcoin

A $100 million dollars worth of Bitcoins have been moved into the market over the last twenty-four hours. These funds have been moved into the market through three exchanges; BitMEX, Binance and Bitfinex.

A Redditor blew the whistle saying that he traced these transactions back to an account that may be linked to the Silk Road’s main accounts. He said that the transactions were made from an account that was originally created and last used in 2014.

The timing of this mass influx of funds into the market is curious because the market is showing bullish characteristics at the moments.

The Silk Road

The Silk Road is the world wide web’s first black market on the dark web. Known to sell illegal substance and the home place for other nefarious activities. The black market was designed to work on the Tor and its native currency was Bitcoin.

The Silk Road marketplace in its prime was known for its illegal sale of drugs, prostitution, etc. The creator of the Silk Road was tracked down in 2013 and then tried in US Courts. The creator, Ross Ulbricht, was then sentenced to double life sentence plus forty years without the possibility of parole.

 

Mysterious Transactions

The $100 million dollars was transferred into the market through these three exchanges in a very mysterious way. The original wallet that was said to have contained all of the asset is being estimated to be worth around $844 million in Bitcoin alone.

The actual value of the wallet, after including Bitcoin forks and other altcoins must be much higher than the currently stipulated value.

The coins from the main source account was split into smaller and smaller fractions of itself and put into multiple sub-wallets before being transferred into the exchange’s accounts. What the owner intends to do with the transferred funds is still unknown, however because of the arduous measures that the owner has taken, it is almost impossible to trace it back to the proprietor.

The proprietor of these transaction has transferred 11,114 BTC to Bitfinex, 4,421 Bitcoins to Binance and 210 BTC to BitMEX.

But the Reddit user has come out and said that the main account that is the origin of this $100 million has been inactive for the past four years and suddenly saw a spike in activity over the last two weeks before the transaction.

 

Discrepancies

The Silk Road was shut down because of its illegal activities a couple of years ago by the US Justice Department. The courts shut down the dark web market in 2013 after having arrested the proprietor Ross Ulbricht.

According to the Justice Department all the Bitcoins that were seized from the proprietor and the market as a whole, were sold back in 2017. But according to the Reddit user the account that has transferred the $100 million has been traced back to have connections with the Silk Road accounts.
This is a major discrepancy in the theory and may mean trouble for the Justice Department if this connection is proven and is legit. See the full Reddit post here.

Read this article to know why Give Bitcoin Some Time

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