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At around 17:06 UTC on May 10th, Bitcoin suddenly began to plummet. According to TokenInsight data, the Bitcoin price dropped to around $27,000 at one time, decreasing about $1,200 within 15 minutes.
Regarding the slump, some crypto KOLs said that it was because a Silk Road wallet of the US government moved a large number of Bitcoin. beetle, research analyst at The Block, tweeted that according to the Arkham Alert he received, a Silk Road wallet transferred out as much as 21,638 Bitcoin in two transactions.
However, on-chain sleuth ZachXBT replied under beetle's tweet that the US government's wallets had no movement. Blockchain analysis firm Arkham also clarified that there had been no outgoing Bitcoin transactions from the Silk Road wallets it labeled. It further explained that its users can manually add and remove labels for their own private instances, and receive alerts based on their own labels, which "do not reflect associations with wallets made by the Arkham Team."
beetle then apologized on Twitter, "must've been an internal wallet I labeled incorrectly." His original tweets and the apology have been deleted now.
This is the second time within two weeks that the crypto market got hit by such a blunder. On April 26th, the famous crypto news account on Twitter, db, tweeted that Mt. Gox and US Govt wallets were making transactions, according to Arkham's alert. It turned out to be a false alert. On that day, Bitcoin also suffered a plummet, but Arkham explained that it was not because of the false alert.
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