69,370 Bitcoins moves from Silk Road Wallet, an update or a hack

Recently, a crypto user has just moved 69,370 Bitcoin from an address associated with the Silk Road darknet market, a famous hacking target.

By · Nov 4, 2020 . 6min read

Bitcoins moves from Silk Road Wallet news

69,370 Bitcoins (BTC) just moved from an address linked to the famous Silk Road darknet marketplace. The movement occurs for the first time in five years. Ciphertrace, a crypto intelligence firm, has reported that an anonymous crypto user has just moved 69,370 Bitcoins from an address associated with the Silk Road darknet marketplace. Speculations are rife that the wallet was hacked or the user is attempting to stay up to date with the Bitcoin network.

Ciphertrace: Bitcoin was transferred via two transactions from Silk Road wallet

According to Ciphertrace, on Nov. 3, the BTC was transferred in two transactions and related to almost one billion dollars in Bitcoin. The anonymous crypto user reportedly first sent a test transaction on 1 BTC before. The user then sent a further 69,369 Bitcoin from the Silk Road wallet address. The crypto intelligence firm elucidates that the BTC transactions were an attempt to shift to a new address format and stay up to date with the BTC network. Nevertheless, as the original address connected with the Silk Road darknet market has lately become a popular hacking target, they could not rule out the plausibility of cracking the wallet. 

The last fund transfer from the wallet associated with the Silk Road dark-web market was in April 2015. The wallet has reportedly been travelling among darknet hackers for the last two years. However, with some hackers being so strong as to call on google to lend them a quantum computer to crack the address and the private key.

Silk Road enables trading of illegal goods.

For the uninformed, Silk Road was a darknet market that let users purchase and sell illicit goods. It includes goods like weapons and stolen credit card data. However, the majority of listings were for illegal drugs. Ross Ulbricht, Silk Road founder, is recently serving a double life sentence. He was responsible for computer hacking, money laundering, and conspiracy to traffic narcotics. He is in the seventh year of his sentence. It seems that he is doubtful to ever be free without a pardon. He is 36 years old. The darknet marketplace ceased operations in 2013.

In September 2020, Silk Road computer programmer Michael R. Weigand pleaded guilty to offering false statements considering his association with the darknet marketplace. Weigand worked as a tech advisor for the darknet leaders. He also used his skills as a programmer to fix any vulnerabilities the illegal marketplace faced. The operator also stated that he had earlier lied to the IRS and FBI about his involvement with the Silk Road darknet market. 

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