CipherTrace stated said that the user probably conducted the transactions to “stay up to date with the Bitcoin network.”
An anonymous crypto user recently moved Bitcoin worth $1 billion from the Silk Road wallet. In total, the user moved over 69,370 BTC through two transactions. Before now, the last time assets were moved from the Silk Road wallet was in April 2015.
On the 3rd of November, blockchain intelligence firm CipherTrace reported the Silk Road darknet market’s large transaction. In the first transaction, just 1 Bitcoin was sent, possibly used as a test transaction. Shortly after the first transaction, the user sent an additional more than 69,369 BTC.
Bitcoin Moved from Silk Road Wallet
Usually, the act of sending a lower amount of digital assets before a massive transaction is seen when large amounts of cryptos are being moved to new addresses. CipherTrace stated the possible reasons behind the large transaction. The blockchain intelligence firm said that the user probably conducted the transactions to “stay up to date with the Bitcoin network.”
Also, CipherTrace added that the anonymous user may be trying to prevent hackers from accessing the wallet.dat file. CipherTrace further said that probably the hackers have already accessed the file and explained:
“These movements could possibly mean that the wallet owner is moving funds to new addresses to prevent hackers from accessing the wallet.dat file or that the hackers have already cracked the file.”
In the report, CipherTrace also said that the intelligence firm is keeping an eye on the addresses, watching out for further movements. According to a Cointelegraph report, the Silk Road funds were held in a wallet that several hackers have been trying to access. For more than two years, hackers have been trying to crack the password to the wallet.
On the 8th of September, Twitter user Alan Gal revealed that the Bitcoin wallet has 69,000 BTC, worth $693,207,618.
Recent Bitcoin Scams
Recently, hackers have been tricking Bitcoin holders and stealing their digital assets. According to ZDNet, the Bitcoin scam has stolen BTC worth $22 million. On the 12th of October, ZDNet reported that the hackers are sending false updates to users of Electrum wallets.
Users of the Electrum wallet app are deceived into updating their app and unknowingly opening a back door for the scammers.
In the report, ZDNet included reports from victims of the scam. As noted by the victims, the false update came as a pop-up message, and their entire BTC balance was sent to the scammer wallet.
Electrum users had reported about ten different wallets involved in the scam since 2018 when the hackers began the false update trick. In total, the wallets hold 1980 BTC, which represents more than $22 million at the time of the ZDNet report.
Out of the total BTC stolen, 1,400 BTC was stolen from a single user in August. At the time, the victim also testified that the theft occurred after installing an update.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.