The US government recently took a significant step concerning seized digital assets related to the Silk Road lawsuit.
Data provided by Arkham Intelligence indicates that 10,000 BTC, worth around $600 million, have been transferred to Coinbase Prime, the institutional arm of the popular cryptocurrency exchange.
BREAKING: 10K Silk Road BTC ($593.5M) moved to Coinbase Prime
Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet. pic.twitter.com/kNLsiJzL95
— Arkham (@ArkhamIntel) August 14, 2024
These BTC originated from a wallet identified as “U.S. Government: Silk Road DOJ Confiscated Funds” suggesting a connection to the DOJ’s earlier seizure of assets from the dark web market.
While large transfers to exchanges often imply an impending sale, it has been suggested that this move may be related to trusteeship rather than liquidation. This theory is supported by the U.S. Marshals Service’s recent partnership with Coinbase Prime to process and trade digital assets.
Since Bitcoin’s inception in 2009, it initially struggled to gain recognition as a groundbreaking technology, often being dismissed as a scam or fraud.
Bhutan has emerged as a significant player in the Bitcoin market, holding approximately 13,011 BTC, valued at around $780 million.
Bitcoin (BTC) continues to struggle with breaking the $60,000 threshold, but this has not led to a sell-off among holders.
Coinbase has launched its wrapped Bitcoin token, reaching a $100 million market cap shortly after its debut.