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

US Transfers Nearly $600 Million Worth of Bitcoin to Coinbase

user avatar

by Giorgi Kostiuk

2 years ago

  1. US Government Bitcoin Transfer
  2. Purpose of the Coinbase Transfer
  3. Sources of the Bitcoin


    4. The US government transferred 10,000 Bitcoin, worth over $593 million, to a Coinbase Prime deposit wallet.

    US Government Bitcoin Transfer

    According to blockchain analytics firm Arkham Intelligence, the Bitcoin was sent to Coinbase Prime. Despite initial concerns, analysts believe that the sale of these Bitcoins is unlikely.

    Purpose of the Coinbase Transfer

    Last month, the US Department of Justice partnered with Coinbase Prime to safeguard and trade large digital assets. Ryan Lee, chief analyst at Bitget Research, believes that the Bitcoin was likely transferred for safekeeping rather than active trading.

    Sources of the Bitcoin

    The Bitcoin was seized during the Silk Road raid in 2022, when the Department of Justice announced the seizure of 50,000 BTC. Silk Road, operating on the dark net, offered the sale of illicit goods. Its creator, Ross Ulbricht, was arrested in 2013 and is serving two life sentences without parole.

    The US government's transfer of a large amount of Bitcoin to Coinbase suggests an interest in secure storage rather than quick sales, contributing to market stability.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Hourglass V2 Proposal Introduced to Safeguard Satoshi Nakamoto's Bitcoin

chest

Hourglass V2 proposal introduced by Hunter Beast aims to limit P2PK outputs to one per block to safeguard Satoshi Nakamoto's Bitcoin holdings from quantum threats.

user avatarMaria Fernandez

Senator Ted Cruz Advocates for Permanent Ban on CBDCs

chest

US Senator Ted Cruz is advocating for a permanent ban on central bank digital currencies (CBDCs) by filing an amendment to the 21st Century ROAD to Housing Act, aiming to eliminate the temporary ban set to expire on December 31, 2030.

user avatarGustavo Mendoza

Surge in Solana ETFs Reflects Growing Institutional Interest

chest

Surge in Solana Spot ETFs indicates strong institutional demand despite bearish pressures.

user avatarRajesh Kumar

Jake Claver Predicts XRP Could Reach Three or Four Digits by 2026

chest

Financial commentator Jake Claver suggests that XRP's price could surge to three or four digits by 2026, contingent on institutional adoption.

user avatarMiguel Rodriguez

Culper Research Warns of Potential Death Spiral for Ethereum

chest

Culper Research warns that Ethereum may be entering a potential death spiral due to economic pressures and competition.

user avatarLuis Flores

Trump's New Cyber Strategy Highlights Cryptocurrency and Blockchain

chest

Trump's new Cyber Strategy emphasizes the protection of cryptocurrency and blockchain, aiming to enhance security and disrupt criminal activities associated with them.

user avatarArif Mukhtar

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.