Nearly $1 billion worth of bitcoin linked to Silk Road black market is on the move, analysis shows

Nearly $1 billion worth of bitcoin with potential ties to the Silk Road online black market is on the move, according to London-based blockchain analysis firm Elliptic.Silk Road was closed down by U.S. federal authorities in 2013, while its creator, Ross Ulbricht, was sentenced to life in prison two years later. The site, hidden away as part of the dark web, allowed people to sell drugs and other illegal goods.Elliptic, a firm that tracks the movement of dirty money in the cryptocurrency sphere, said Wednesday that it picked up on a transaction of funds believed to have originated from the site.The company said that 69,369 bitcoins — worth about $950 million today, according to CoinDesk — had been moved out of a wallet that had the fourth-highest balance of any globally.It added that an encrypted file circulating among hackers allegedly contained the passcode required to withdraw bitcoins from that wallet."The…

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