Dark Web’s Silk Road Bitcoin Wallet valued at over $800 million activates after 4 years 22125
News
Aakash Athawasya
Aug 31, 2018 at 4:00 PM

Evidence has emerged that indicates that the owner of a Silk Road wallet has been in the process of funds transfer for the past few days. The mechanism of sub-wallets is used here, wherein the owner divides the total into chunks of 100 coins and transfers them.

Silk Road was an online black marketplace and the first known Dark Web market, primarily known as the platform for selling illicit drugs, but it also included transactions related to human trafficking, the sale of ammunition, passports, credit cards and other documents of identification. It was operated as a TOR (The Onion Route) which maintained anonymity and security.

The main mode of payment on Silk Road was the Bitcoin, and since then the latter’s image has been permanently tainted. Silk Road was eventually shut down by the FBI and Europol in 2014.

A Reddit user by the name “sick_silk” reported this jarring piece of information on the popular subreddit r/bitcoin. The post said:
“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 sub wallets.
The original wallet owned 111,114.62 $BTC/$BCH, which is currently valued ~ $844M (without taking into account other #Bitcoin forks)”

The activity in this wallet was the first since for the past 4 years and 5 months, prior to this the last activity was in March 2014. However, the proportion of the wallet has been deteriorating over time, due to the funds being funneled out. They were taken out in chunks, initially divided into 60,000 and following that 30,000/ 20,000/ 10,000/ 5,000/ 500 and now 100 coins.

Updates were further added to the original post, they indicate that the Silk Road address is still active, with “5 transactions executed in 2018 and 13 in 2017, with [a] really small amount of BTC received/sent.”

See also: Bitcoin (BTC) to reach $98,000 in the next few years: New Study

See also: Cryptocurrency to Replace Local Currency in Korean Province

Image via Shutterstock

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