US Government Transfers 10,000 Bitcoins to Coinbase Prime

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Suspected Cryptocurrency Theft Exceeds $133 Million

A suspected theft of cryptocurrency has escalated to over $133 million, prompting responses from multiple exchanges.

user avatarSatoshi Nakamura

NEAR Token Price Declines Despite Proposal Approval

NEAR Protocol's native cryptocurrency NEAR experienced a price drop on Tuesday, even after a proposal aimed at reducing long-term token dilution was approved.

user avatarJesper Sørensen

Apple's Margin Warning Adds Pressure to Crypto Markets

Apple's outlook raises concerns about rising operating costs, impacting investor sentiment in the technology sector and cryptocurrency markets.

user avatarLucas Weissmann

Investigation Reveals Hacker Controls Millions in Altcoins

Investigation reveals that a hacker controls significant holdings in various altcoins, posing a risk of market impact.

user avatarFilippo Romano

ZeroBeta and Lynq Integrate Tokenized Treasury Holdings for Enhanced Institutional Finance

ZeroBeta and Lynq have announced a new integration that connects tokenized Treasury holdings to institutional borrowing and trading, allowing eligible assets to be pledged as collateral while accruing interest.

user avatarEmily Carter

Spiko Announces $238 Billion in Tokenized Investment Fund

Spiko has reported a remarkable $238 billion in its Amundi Overnight Swap Fund (SAFO), emphasizing the rising significance of tokenized investment products in business cash management.

user avatarTomas Novak

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.