Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Samsung’s bet on folding phones faces major test

      10 July 2025

      OpenAI to launch web browser in direct challenge to Google Chrome

      10 July 2025

      The satellite broadband operators taking on Starlink

      9 July 2025

      Yaccarino out: Musk’s handpicked CEO quits X suddenly

      9 July 2025

      AI gold rush propels Nvidia to record $4-trillion market cap

      9 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025

      Grammarly acquires e-mail start-up Superhuman

      1 July 2025

      Apple considers ditching its own AI in Siri overhaul

      1 July 2025

      Jony Ive’s first AI gadget could be … a pen

      30 June 2025
    • In-depth

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025
    • TCS

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025

      TCS+ | First Distribution on data governance in hybrid cloud environments

      27 June 2025
    • Opinion

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » R16-billion of bitcoin is on the move, with possible ties to Silk Road

    R16-billion of bitcoin is on the move, with possible ties to Silk Road

    By Agency Staff4 November 2020
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Almost US$1-billion (R16.2-billion) worth of bitcoin that likely originated from Silk Road is on the move, according to blockchain tracker Elliptic.

    Some 69 369 bitcoins have been moved out of a wallet that may be associated with the website, Elliptic said. Silk Road peddled everything from drugs to murder-for-hire before being busted by US agents in 2013. Some bitcoins associated with the site have been sold in government auctions in prior years.

    Whether the $1-billion of bitcoin is being moved by Silk Road’s owner, law enforcement or a vendor is unclear, according to Tom Robinson, co-founder of Elliptic. The account from which the funds moved is the world’s fourth-richest bitcoin address, according to BitInfoCharts.

    I’d say I’m about 60% confident that these funds are from the Silk Road at the moment – I’m not certain about it

    “I’d say I’m about 60% confident that these funds are from the Silk Road at the moment — I’m not certain about it,” Robinson said in an email.

    Bitcoin remains near its highest levels since January 2018, holding above $13 000 since Friday.

    Silk Road used bitcoins to generate the equivalent of $1.2-billion in illicit sales and reap $80-million in commissions in less than three years, according to court documents. Ross William Ulbricht operated the Silk Road from January 2011 until it was shut down.

    “Why the sudden move of funds?” Robinson said in a tweet today. “A copy of the encrypted wallet file is reportedly being circulated — if someone cracked the password they could seize the bitcoins. The owner of the wallet has perhaps moved the BTC to a new wallet to prevent this.”  — Reported by Olga Kharif, (c) 2020 Bloomberg LP



    Bitcoin Elliptic Ross Ulbricht Silk Road top
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleCSIR conference to showcase best of science and technology in South Africa
    Next Article Backspace: ‘The US election’

    Related Posts

    Burning millions on the blockchain: how hackers used bitcoin to send a message

    30 June 2025

    Crypto shakeout: bitcoin soars, altcoins crater

    30 June 2025

    Bitcoin smashes R2-million mark in record-breaking rally

    22 May 2025
    Company News

    Samsung unfolds the future with thinnest, lightest Galaxy Z Fold yet

    9 July 2025

    Huawei supercharges South African SMEs with over 20 new eKit products

    9 July 2025

    Webtonic cracks the talent code with AWS-powered TonicHub

    9 July 2025
    Opinion

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.