Will 240 Million Bitcoin Transfer Worsen the Bear Market

These actions have sparked speculation, but crypto investigator ZachXBT shared his findings. He revealed that the funds were recovered Bitcoin from the infamous “Silk Road hack.” Following the shutdown of this dark marketplace in 2013, the hacker was apprehended by the Justice Department, which subsequently confiscated 50,676 BTC. The government has been gradually selling off these bitcoins in batches over time.