• 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

a year 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

Trump Administration's Tariff Policies Under Legal Scrutiny

chest

Kevin Hassett expresses confidence in the Supreme Court ruling on Trump's tariffs, warning of potential $100 billion compensation if ruled against.

user avatarGustavo Mendoza

Concerns Over Trump's Tariff Policies and Small Business Challenges

chest

Concerns over Trump's tariff policies and the challenges faced by small businesses, including difficulties in finding employees.

user avatarMaria Fernandez

Bank of America CEO Discusses Impact of Trump's Tariffs on Economic Growth

chest

Brian Moynihan, the CEO of Bank of America, discusses the impact of Trump's tariffs on economic growth and expresses optimism for trade de-escalation by 2026.

user avatarRajesh Kumar

Digital Asset Treasuries Face Operational Challenges

chest

Digital Asset Treasuries (DATs) are facing operational challenges due to high costs and declining asset values, risking insolvency and eroding institutional trust.

user avatarMiguel Rodriguez

Introduction of Verkle Trees in Hegota Upgrade

chest

The Hegota upgrade will introduce Verkle Trees, a new data structure designed to reduce blockchain state storage needs.

user avatarLuis Flores

Hegota Upgrade Supports Ethereum's Decentralization Goals

chest

The Hegota upgrade aims to lower barriers for running full nodes, enhancing Ethereum's decentralization.

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.