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Crypto Wallet Connected to Silk Road Transfers Almost $1Billion Worth of Bitcoins

Crypto Wallet Connected to Silk Road Transfers Almost $1Billion Worth of Bitcoins

13 Dec 2020

Reading Time: 3 minutes

When people hear the term "silk road" they think of the revolutionary road that connected China to various countries. This opened up trade and the exchange of cultures and ideas. Still, the silk road we are referring to is a much different and far more sinister entity.

Many people are unaware that the internet we use is only the surface, and it goes much deeper than once thought.

Two other layers are beneath regular internet, and they are the deep web and the dark web.

The deep web is not much different from the normal web except it has non-indexed pages which means they are not picked up by Google and cannot be searched for using normal means. The dark web, however, is where it gets nasty as it contains sites that are very much illegal, and thus it is a hotbed for crime.

On the dark web, there was a service known as the silk road, which was used for trading drugs and other illegal items. Its founder, Ross William Ulbricht, is currently serving two life sentences. Before he was arrested though, he did accumulate a vast number of Bitcoins and gave a portion of it to the FBI after he was arrested.

On Wednesday 4th of November 2020, a wallet which was linked to the original silk road transferred 69,369 Bitcoins to an unknown wallet. Bitcoin's current price that time is $19,715 AUD, so the total amount those are worth is over $1.3 Billion AUD.

The wallet had not made any kind of transfer since 2015.

According to Tom Robinson, who is a co-founder of Elliptic, a file containing the key to the wallet had been floating around some hacker forums recently, and it may have been hacked. If this was the case, then the hacker or hackers have come into one hell of a payday.

Robinson also believes that based on what Ulbricht told the FBI after his arrest, there are another 440,000 Bitcoins stored somewhere else which could be worth over $6 Billion. He collected Bitcoins as payment for his illegal services since it is untraceable and perfect for buying illegal substances.

Right now, Bitcoin is at it's the second-highest price in history. Just behind its initial spike in 2017 and anyone who has access to those 69,369 Bitcoins could become a billionaire overnight. This shows that there could be forgotten wallets out there that contain millions of dollars' worth of Bitcoins.

This also shows the positives and negatives about blockchains as we can see where the Bitcoins are going, but we do not know who they are going to. Before it was mainstream, Bitcoins were used in shady online deals because of their anonymity.

To keep up to date with all Bitcoin news and prices, click here and use our crypto tracker.

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