Long-Dormant Silk Road Bitcoin Holdings Reactivated

A network of cryptocurrency wallets connected to the defunct Silk Road marketplace sprung to life on Tuesday, transferring millions of dollars in Bitcoin after ten years of inactivity. The funds were aggregated into an anonymous address.

Arkham Intelligence data indicates that around 312 wallets executed the transfer, moving $3.14 million worth of BTC. The rationale for this consolidation is unclear, and the Silk Road-linked wallets still possess an estimated $41.3 million in Bitcoin.

This activity reignited discussion about assets belonging to Ross Ulbricht, the platform’s founder. Coinbase executive Conor Grogan referenced his prior research on the matter in response to the new transfers. Ulbricht received a presidential pardon from US President Donald Trump earlier this year.

Since his pardon, Ulbricht has become a vocal proponent of decentralized technology. The Silk Road remains a notable, if illicit, chapter in Bitcoin’s history, significantly contributing to its early popularity and transactional utility.