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Dread Pirate Roberts Whale Wallet Activity Hints Toward $800 million Bitcoin Market Dump

• CryptoSlate

The Silk Road-related cryptocurrency wallet activity, first observed by cryptocurrency community members on Aug. 30, has seen over 111,000 BTC and BCH distributed into smaller chunks, with the total amount scattered across 80 wallets — potentially to be dumped onto the cryptocurrency market.

The movement of such large amounts of Bitcoin could have a significant impact on the Bitcoin market — earlier this year, the movement of 16,000 BTC from wallets associated with the Mt Gox scandal sparked intense speculation, resulting in a thousand-dollar price drop over one week.

Silk Road Bitcoin Movement Alerts Crypto Community

The vast sum of Bitcoin and Bitcoin cash is linked to alleged Silk Road operator Ross Ulbricht—one of the first transactions to the wallet from which the BTC has been distributed was from a wallet publicly claimed by Ulbricht in a 2011 BitcoinTalk forum post. Ulbricht was arrested in 2013 for operating multimillion-dollar dark web drug market Silk Road under the pseudonym "Dread Pirate Roberts."