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Anonymous User Moves 69,370 Bitcoin from Silk Road Wallet

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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. 

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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.



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Algorand (ALGO) price strengthens as institutional investors back the project

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Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.