Suspected Silk Road Bitcoin reaches Bitfinex, Binance and Bitmex


A Reddit researcher was able to identify the transactions sent to exchange portfolios from a large portfolio believed to be a Silk Road stockpile containing 111,114 BTC.


In recent days, a Reddit user has posted a detailed analysis of the transactions originating from a portfolio related to the website Silk Road . In the latest update the researcher says that these poorly-earned currencies have found their way into two of the world's major cryptocurrency exchanges, Binance and Bitfinex.

The portfolio in question that created a huge stir among the crypto community, contained on 111.114 BTC / BCH and presumably the same amount in other forked coins. According to the analysis of Reddit user sick_silk who created the account five days ago only for this disclosure, said that the portfolio sent the equivalent of $ 100 million to Bitfinex and Binance.

Some Redditors have argued that since both Bitfinex and Binance are largely crypto-cryptographic exchanges, the mysterious owner of the portfolio is limited to what they can trade in; with altcoins or Tether (USDT) as the most probable options, according to the last thread related to the portfolio .

What is currently known, based on the analysis of the portfolio is that 4,421 BTC is waiting in a Binance portfolio and 11,114 BTC have been sent to Bitfinex. A small amount of about 210 BTCs has been sent to Bitmex.

In theory, BTC could be mixed to avoid tracking, but the use of a private currency would be much more efficient, as the sending and receiving addresses would be obscured. Sending significant funds on an exchange effectively makes the user anonymous. With Binance, unverified accounts have serious limitations, regarding the withdrawal of only 2 BTCs every 24 hours. Moving significant funds would require that the exchange portfolio owner is not anonymous.

If the seller somehow managed to bypass this security measure ( unlikely) could, potentially, buy some so-called anonymous coins that are not traceable once removed from the exchange, to cover their escape . Binance offers the opportunity to purchase Monero (XMR), ZCash (ZEC), DASH (DASH), or even Verge (XVG).

While this shady scheme was happening through these exchanges, some saw the influx of extra BTCs on trade as a sign of potential mass sale: / cickolasnage / status / 1036935588463763456

There are still ongoing disputes about whether the observed portfolio is truly connected to the Dark Road website or whether it could simply be a non-malicious whale investor.

All we know is that the address in question has sent coins to 80 new addresses in total. This significant amount could seriously affect Binance trading if more coins are sent later. The Binance hot wallet currently contains 168,791 BTC. The Bitfinex hot portfolio has 209.711 BTC, based on data by Bitinfo . The address noted has sufficient funds to influence the markets in the same way as a previous transaction from a known Monte. The Gox portfolio frightened the markets in April with the fear of a massive sell-off.

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