Silk – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Sun, 20 Jul 2025 14:43:09 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.10 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Silk – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Former NCA Officer Sentenced for Bitcoin Theft in Silk Road 2.0 Probe https://earlybirdsinvest.com/former-nca-officer-sentenced-for-bitcoin-theft-in-silk-road-2-0-probe/ https://earlybirdsinvest.com/former-nca-officer-sentenced-for-bitcoin-theft-in-silk-road-2-0-probe/#respond Sun, 20 Jul 2025 14:43:09 +0000 https://earlybirdsinvest.com/former-nca-officer-sentenced-for-bitcoin-theft-in-silk-road-2-0-probe/

Paul Chowles, a former officer from the UK’s National Crime Agency, has been sent to prison for stealing 50 BTC
BTC


$118,129.94

during a Silk Road 2.0 investigation, according to a July 16 report by the Crown Prosecution Service.

Chowles, who worked on the case as a technical specialist, was sentenced to five and a half years after admitting to theft, transferring criminal property, and concealing stolen funds.

Silk Road 2.0 was an online black market created shortly after the FBI closed the original Silk Road in 2013. It ran for a year before being shut down by authorities.

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When the National Crime Agency arrested co‑founder Thomas White in 2014, they seized 97 BTC from him. In 2017, investigators noticed that 50 BTC from the seized wallet had been moved to another address without explanation.

The investigation assumed White had somehow regained access to his wallet. However, he said only someone inside the agency could have done it.

They discovered that the missing Bitcoin had been sent through a service called Bitcoin Fog. From there, the funds were moved to exchanges and loaded onto crypto debit cards.

Records showed that the cards were used to spend more than £109,000, while the total benefit to Chowles was estimated to be over £613,000.

Chowles’ role had given him direct access to White’s seized devices and accounts. During a follow‑up investigation, police found a phone linking him to the transfers and notebooks in his office containing login details and other information about White’s crypto accounts.

On July 11, Nicholas Truglia was sentenced to a 12-year prison term after failing to repay Michael Terpin, CEO of Transform Group. How did the case unfold? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.


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Alleged Chinese hacker tied to Silk Typhoon arrested for cyberespionage https://earlybirdsinvest.com/alleged-chinese-hacker-tied-to-silk-typhoon-arrested-for-cyberespionage/ https://earlybirdsinvest.com/alleged-chinese-hacker-tied-to-silk-typhoon-arrested-for-cyberespionage/#respond Tue, 08 Jul 2025 02:18:44 +0000 https://earlybirdsinvest.com/alleged-chinese-hacker-tied-to-silk-typhoon-arrested-for-cyberespionage/

Cyber China

A Chinese national was arrested in Milan, Italy, last week for allegedly being linked to the state-sponsored Silk Typhoon hacking group, which responsible for cyberattacks against American organizations and government agencies.

According to Italian media ANSA, the 33-year-old man, Xu Zewei, was arrested at Milan’s Malpensa Airport on July 3rd after arriving on a flight from China. Italian police arrested the suspect on an international warrant from the U.S. government.

ANSA reports that Xu is accused of being linked to the Chinese state-sponsored Silk Typhoon hacking group, aka Hafnium, which has been responsible for a wide range of cyberespionage attacks against the U.S. and other countries.

In particular, Italian media reports that Xu is linked to the 2020 Silk Typhoon cyberattacks on infectious disease researchers and healthcare organizations, which aimed to steal data on anti-COVID vaccines.

“These actors have been observed attempting to identify and illicitly obtain valuable intellectual property (IP) and public health data related to vaccines, treatments, and testing from networks and personnel affiliated with COVID-19-related research,” read the joint advisory.

The hacking group has also been linked to more recent cyberespionage campaigns, including those on the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and the Committee on Foreign Investment.

In March, Microsoft reported that Silk Typhoon had begun targeting remote management tools and cloud services in supply chain attacks to gain access to downstream customers’ networks.

Xu is currently being held in Busto Arsizio prison with the U.S. seeking extradition to face trial in the States.

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While cloud attacks may be growing more sophisticated, attackers still succeed with surprisingly simple techniques.

Drawing from Wiz’s detections across thousands of organizations, this report reveals 8 key techniques used by cloud-fluent threat actors.

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$31 Million Bitcoin Gift to Ross Ulbricht Tied to AlphaBay, Not Silk Road https://earlybirdsinvest.com/31-million-bitcoin-gift-to-ross-ulbricht-tied-to-alphabay-not-silk-road/ https://earlybirdsinvest.com/31-million-bitcoin-gift-to-ross-ulbricht-tied-to-alphabay-not-silk-road/#respond Sat, 07 Jun 2025 21:54:58 +0000 https://earlybirdsinvest.com/31-million-bitcoin-gift-to-ross-ulbricht-tied-to-alphabay-not-silk-road/

A recent blockchain investigation revealed that the 300 Bitcoin
BTC


$105,361.92

, worth about $31 million, sent to Silk Road founder Ross Ulbricht likely came from AlphaBay, a dark web marketplace.

The finding came from Chainalysis, a blockchain analytics company, which linked the donation to wallets once connected to AlphaBay.

AlphaBay operated between 2014 and 2017 and was known for handling illegal online trades.

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On June 5, Chainalysis told WIRED that the Bitcoin appears to have come from someone who may have been a seller on the platform, as they would have had access to that kind of money.

Chainalysis director of investigations, Phil Larratt, explained, “We have reasonable grounds to suspect that these funds originated in AlphaBay”.

The sender moved Bitcoin through several services designed to break up and hide the transactions. These steps, including using smaller exchanges and mixing tools, were likely done to avoid drawing attention or having the funds frozen.

Blockchain researcher ZachXBT confirmed on X that the Bitcoin did not originate from Silk Road and stated that the pattern of transfers raised concerns. The sender used a centralized mixer called Jambler, which is different from more common privacy tools like Wasabi or the now-closed Samourai.

In a follow-up with WIRED, ZachXBT explained that while the donation itself may have been genuine, the way the money was handled suggests it came from sources that were not clean.

On May 30, Ulbricht spoke to a live audience at the Bitcoin 2025 conference. What did he say? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.


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$31M Bitcoin Donation to Ross Ulbricht Traced to AlphaBay, Not Silk Road https://earlybirdsinvest.com/31m-bitcoin-donation-to-ross-ulbricht-traced-to-alphabay-not-silk-road/ https://earlybirdsinvest.com/31m-bitcoin-donation-to-ross-ulbricht-traced-to-alphabay-not-silk-road/#respond Sat, 07 Jun 2025 17:54:38 +0000 https://earlybirdsinvest.com/31m-bitcoin-donation-to-ross-ulbricht-traced-to-alphabay-not-silk-road/

Ross Ulbricht, the imprisoned founder of the Silk Road darknet marketplace who was granted clemency by US President Donald Trump earlier this year, received a whopping $31 million Bitcoin donation from an anonymous wallet over the previous weekend.

The sizable gift, sent less than five months after Ulbricht’s sentence was commuted, immediately sparked speculation that he had covertly reclaimed old Silk Road earnings.

Anonymous Bitcoin Gift to Ross Ulbricht

According to the intel shared by cryptocurrency tracing firm Chainalysis with WIRED, the 300 BTC donation did not originate from Silk Road at all. Instead, the funds appear to trace back to AlphaBay, a now-defunct darknet market that operated between 2014 and 2017, well after Silk Road’s takedown.

AlphaBay, which was reportedly ten times the size of Silk Road at its peak, was known for trafficking in drugs, malware, and illegal services. Phil Larratt, Chainalysis’s director of investigations and a former UK law enforcement official, said there are “reasonable grounds to suspect” the Bitcoin came from someone involved with AlphaBay – likely a former vendor, given the size of the amount.

Prominent blockchain investigator ZachXBT, who had earlier examined the donation, also concluded the funds did not come from Silk Road.

Despite the sender’s use of Bitcoin mixing services, ZachXBT traced the BTC to a wallet previously flagged by Chainalysis as connected to illicit activity. He shared his conclusion with WIRED, wherein he noted that the donation itself may be genuine, but “not legitimate funds.”

Additional clues suggest the person behind the transfer may have been actively trying to avoid detection: ZachXBT discovered the same individual had previously cashed out other crypto through centralized exchanges in small, spread-out amounts, rather than large single transactions. This behavior is consistent with an effort to evade asset freezing or scrutiny.

AlphaBay Crackdown

Chainalysis reportedly declined to share specifics on how exactly it linked the donation to AlphaBay.  But it is important to note that the firm is widely known for its expertise in mapping illicit activity across blockchain networks and played a crucial role in dismantling the now-defunct marketplace during the multinational law enforcement initiative known as Operation Bayonet, involving the FBI, DEA, and Europol.

The crackdown later led to the conviction of Bryan Connor Herrell, an AlphaBay moderator, who was sentenced to 11 years in prison. As for Ulbricht, he has not publicly addressed the donation.

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Silk Road founder receives $31.4M BTC donation after bagging $1.8M in auction https://earlybirdsinvest.com/silk-road-founder-receives-31-4m-btc-donation-after-bagging-1-8m-in-auction/ https://earlybirdsinvest.com/silk-road-founder-receives-31-4m-btc-donation-after-bagging-1-8m-in-auction/#respond Mon, 02 Jun 2025 02:20:15 +0000 https://earlybirdsinvest.com/silk-road-founder-receives-31-4m-btc-donation-after-bagging-1-8m-in-auction/

The founder of the darknet marketplace Silk Road, Ross Ulbricht, received 300 BTC, worth around $31.4 million, in a single donation from an unknown wallet, data from Arkham Intelligence shows. 

Ulbricht, who was sentenced to life in prison, received a full and unconditional pardon from U.S. President Donald Trump on January 21. He was released following the pardon after serving 12 years in prison.

Blockchain data further indicates that Ulbricht transferred the received funds on June 1, sending $31.29 million to one address and $10,000.43 to another. 

The latest donation amount far exceeds those Ulbricht received after his release. A wallet operated by the Free Ross campaign bagged $270,000 worth of Bitcoin within days after he was freed. The funds were donated to “help Ross’s transition into his new life.”

Ulbricht’s personal items have fetched $1.8 million in an auction so far

The above transactions took place after Ulbricht had already secured $1.8 million from his ongoing auction of personal items. The auction, which is live till June 2, is being conducted on the Bitcoin-only marketplace Scarce City. 

In a note on Scarce City, Ulbricht wrote: 

“I’ve decided to auction some personal items from before my arrest and during my time in prison. I don’t need the reminders, and I’m sure some of you will love to have them.”

The personal items up for auction include a sleeping bag and backpack from before his arrest, prison ID cards, and paintings he created during his incarceration. 

Ulbricht’s most recent prison ID card was sold for 5.5 BTC, worth over $580,000, after the winning bid of 11 BTC (worth approximately $1.1 million) was not paid. 

According to the item’s description, Ulbricht had to have his ID reissued with a recent photo in 2024 after a prison guard threatened to suspend his visitation rights. Talking about the ID photo, which depicts Ulbricht smiling, he noted: 

“The guard tried to get me to stop smiling for the photo, but my joy comes from within, so I smiled that day, even though I was in prison :)”

A December 2023 oil painting entitled ‘Archway,’ which Ulbricht created in collaboration with a fellow inmate who goes by Omega, was sold for 1.01 BTC, worth over $106,000. The item’s description noted that Omega had taught Ulbricht oil painting techniques. He wrote:

“I loved the look of this archway in a photograph so much, I had to paint it. It gave me the feeling that, if I could pass through it, something better would be on the other side.”

Ulbricht can access millions of dollars worth of dormant BTC

In addition to the large sums Ulbricht has racked up in donations, he might also have access to millions of dollars worth of BTC that were never seized by the U.S. government. During the 2013 Silk Road bust, the government had seized over 100,000 BTC.

On Jan. 22, Coinbase director Conor Grogan found 430 BTC, worth around $47 million, across multiple wallets linked to Ulbricht. These wallets were lying dormant for over 13 years, Grogan noted. 

Grogan’s discovery was confirmed by Arkham Intelligence, which traced 14 Bitcoin wallets linked to Silk Road, one of which contains BTC worth $9 million.

Earlier last month, two of these dormant wallets became active, transferring 3,422 BTC worth $324.2 million.

Mentioned in this article
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$31M In Bitcoin Floods In For Silk Road Founder Ross Ulbricht As Support Grows https://earlybirdsinvest.com/31m-in-bitcoin-floods-in-for-silk-road-founder-ross-ulbricht-as-support-grows/ https://earlybirdsinvest.com/31m-in-bitcoin-floods-in-for-silk-road-founder-ross-ulbricht-as-support-grows/#respond Sun, 01 Jun 2025 17:48:57 +0000 https://earlybirdsinvest.com/31m-in-bitcoin-floods-in-for-silk-road-founder-ross-ulbricht-as-support-grows/

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ross Ulbricht has received a massive gift from the crypto world. He was pardoned earlier this year and, within hours, 300 Bitcoins—worth about $31.4 million—were sent to his donation wallet.

He’s already seen support from big players like Kraken, which gave $111,111 in Bitcoin, and grassroots efforts that raked in roughly $270,000. Now he has enough to start over, and many in the crypto community are watching closely.

Community Support Flows

According to blockchain analysis platform Lookonchain, the 300 BTC landed in Ulbricht’s wallet just hours after it was sent. This isn’t the first time generous backers have reached out.

Earlier in 2025, Kraken quietly wired over $111,111 to help him adjust to life outside prison. A group called Free Ross has claimed more than $270,000 in donations.

Another address tied to Ulbricht gathered $4,615 in Ethereum, USDC, Tether (USDT), and Binance Coin (BNB). All of this suggests that plenty of people still care deeply about his fate.

Presidential Pardon And Backlash

On January 21, 2025, US President Donald Trump signed a full and unconditional pardon for Ulbricht. He’d spent 11 years serving a double life sentence without parole after being convicted in New York in 2015 of narcotics and money-laundering conspiracy.

BTC is now trading at $103,943. Chart: TradingView

Based on reports, Ulbricht could have access to inactive Bitcoin wallets connected to Silk Road, and those wallets may hold roughly $47 million. That potential stash has only fueled more debate: some ask whether he really needs outside donations if he can tap into $47 million in dormant coins.

Auction Of Personal Items

Ulbricht has also turned to selling pieces of his past. Based on reports from Scarce City—the Bitcoin-powered collectibles platform—he’s raised about $1.8 million by auctioning personal items and art.

His prison ID card drew the highest bid: 11 BTC, now worth more than $1.1 million. An oil painting made with help from fellow inmate “Omega” sold for 1.01 BTC. Thirteen artifacts in all were up for grabs, including prison sneakers, a sweatsuit, a t-shirt, a prison notebook, and a locker lock.

Before his arrest, he’d owned things like a djembe drum, a backpack, and Vibram FiveFingers shoes. Bidders must complete payment by June 2, and Ulbricht has said he’s ready to move on from these physical reminders.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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Satoshi-era Bitcoin whale wallets tied to Silk Road move $324 million after 12 years https://earlybirdsinvest.com/satoshi-era-bitcoin-whale-wallets-tied-to-silk-road-move-324-million-after-12-years/ https://earlybirdsinvest.com/satoshi-era-bitcoin-whale-wallets-tied-to-silk-road-move-324-million-after-12-years/#respond Tue, 06 May 2025 20:42:47 +0000 https://earlybirdsinvest.com/satoshi-era-bitcoin-whale-wallets-tied-to-silk-road-move-324-million-after-12-years/

Two Satoshi-era Bitcoin wallets that have been inactive for over a decade have suddenly sprung to life, transferring a combined 3,422 BTC, which amounts to roughly $324.2 million at current prices.

On May 6, blockchain analysis firm Spot On Chain reported that one of the wallets tagged “1NWPS” moved 2,343 BTC, valued at around $222.2 million. The funds in this wallet had been untouched for over a decade.

Bitcoin Whale Transfer
Satoshi-Era Bitcoin Whale Transfer (Source: Spot On Chain)

The second wallet, “1PiEK,” transferred 1,079 BTC, roughly $102.5 million. This wallet had been inactive even longer, with its last activity recorded almost 12 years ago.

Satoshi-Era Bitcoin Whale
Satoshi-Era Bitcoin Whale Transaction (Source: Spot On Chain)

Meanwhile, independent blockchain analyst Sani of TimechainIndex believes these addresses may trace back to Silk Road, the now-defunct darknet marketplace that heavily relied on Bitcoin in its early days.

He pointed out that a look into the transaction history of these wallets uncovered connections to historic UTXO consolidations, tying them to Silk Road as early as 2012.

Specifically, some recently moved funds originated from a significant 10,000 BTC transaction (TXID: 53952c…) believed to stem from Silk Road-linked holdings. These coins were then split across multiple addresses, including the two recently reactivated wallets.

His analysis also highlighted an earlier consolidation involving 19,940 BTC (TXID: 8b555a…), part of which ended up in a separate wallet later seized by the US government after Silk Road founder Ross Ulbricht’s arrest.

Considering this, Sani concluded:

“The recent movement marks the first activity from these two wallets in over 12 years. The ultimate identity of the entity or individual moving these long-dormant funds remains unknown, though their origins are clearly linked to Silk Road.”

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Free "Bitcoin Jesus": Silk Road Creator Ross Ulbricht Fights to Save Roger Ver https://earlybirdsinvest.com/free-bitcoin-jesus-silk-road-creator-ross-ulbricht-fights-to-save-roger-ver/ https://earlybirdsinvest.com/free-bitcoin-jesus-silk-road-creator-ross-ulbricht-fights-to-save-roger-ver/#respond Sat, 22 Feb 2025 06:54:39 +0000 https://earlybirdsinvest.com/free-bitcoin-jesus-silk-road-creator-ross-ulbricht-fights-to-save-roger-ver/

Ross Ulbricht, the former operator of Silk Road who was recently pardoned, is speaking out in support of Roger Ver, also known as “Bitcoin
BTC


$96,476.34

Jesus”.

Ver is facing tax-related charges in the United States, which could lead to a prison sentence of more than 100 years if he is extradited.

Ulbricht took to X on February 20, saying Ver had supported him while he was imprisoned, and he wanted to return the favor. “Roger Ver was there for me when I was down and needed help. Now Roger needs our support”, he wrote.

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Additionally, Ulbricht argued that prison time for tax-related offenses is excessive, adding, “Let him pay the tax (if any) and be done with it”.

Ver was arrested in April 2024 based on US charges of tax evasion, fraud, and filing false tax returns. Prosecutors claim he misreported capital gains from Bitcoin sales and undervalued two companies when he gave up his US citizenship in 2014 to become a Japanese citizen.

Ver denies the allegations, arguing that the process for paying the required tax was unclear at the time due to the limited liquidity of Bitcoin.

On January 26, Ver shared a video on X calling on US President Donald Trump for help. He claimed that only Trump’s “commitment to justice” could prevent his extradition and imprisonment.

Meanwhile, the viral “Hawk Tuah” girl, Haliey Welch, recently made a brief appearance following the troubled launch of her meme coin. How? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.


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