• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

US Government Transfers 10,000 Bitcoins to Coinbase Prime

user avatar

by Giorgi Kostiuk

a year ago

  1. Bitcoin Transfer
  2. Seizure Background
  3. Market Impact


    4. The US government recently transferred 10,000 bitcoins related to the Silk Road seizure to Coinbase Prime, sparking discussions in the crypto community and potential market impacts.

    Bitcoin Transfer

    Arkham highlighted the transaction, which saw $593.5 million worth of bitcoins moved from a known US government wallet to a Coinbase Prime deposit wallet. Two weeks ago, the bitcoins were transferred to this wallet from another government wallet.

    Seizure Background

    In 2022, the Department of Justice (DOJ) seized more than 50,000 BTC when it arrested James Zhong for allegedly manipulating the Silk Road dark web market's transaction system in 2012. Zhong pleaded guilty to wire fraud. In March 2023, the government sold 9,861 of the seized Silk Road BTC for $216 million and planned to sell the remaining assets in four tranches over the remainder of the year but did not provide an update.

    Market Impact

    Arkham data shows US government wallets hold $12 billion of BTC and smaller amounts of other seized crypto. Last month, the DOJ's US Marshal Service announced a partnership with Coinbase Prime to safeguard and trade its large-cap digital assets. These transactions come amid fears of a wider Bitcoin sell-off as Mt Gox and Jump Trading also off-load significant amounts of crypto. BRN lead analyst Valentin Fournier noted that these actions have increased selling pressure on Bitcoin.

    Government bitcoin transfers combined with actions by Jump Trading have led to a temporary dip in Bitcoin prices. However, expectations of imminent rate cuts may help the market recover in the near term.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

OORT Burn Update: 15M OORT Removed from Circulation

chest

OORT has announced that a total of 15 million OORT tokens have been permanently removed from circulation, bringing the total burn to 1.735 billion OORT to date.

user avatarFilippo Romano

DeAICon in Latin America: Driving Growth and Partnerships

chest

OORT recently hosted DeAICon, the first decentralized AI conference in Latin America, attracting over 400 registrations and providing valuable networking opportunities.

user avatarLucas Weissmann

Dr. Li Joins Chile's National AI Research Review Committee

chest

Dr. Li was invited to join Chile's National AI Research Review Committee to support AI research frameworks and national strategies.

user avatarKaterina Papadopoulou

OORT Partners with the United Nations for Global Expansion

chest

OORT has strengthened its partnership with the United Nations to enhance global outreach.

user avatarEmily Carter

Launchpad: A New Feature for Democratizing Data Collection

chest

Launchpad is a new feature that democratizes data collection by allowing users to create tasks and reward contributors with tokens on the BNB Chain.

user avatarMaya Lundqvist

OORT Team Shares Updates on DataHub and New Features

chest

The OORT team provided insights into DataHub's growth, new product developments, and global expansion during the latest Town Hall.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.