US Government Moves $600 Million Worth of Bitcoin

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.

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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.

Kosta Gushterov