• 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

Self-Employed Professionals Gain Access to Affordable Health Coverage

chest

Self-employed individuals, including freelancers and independent contractors, can now secure affordable health coverage through the ACA Marketplace.

user avatarMaria Gutierrez

Federal Reserve Proposes Skinny Master Accounts for Limited Access to Payment System

chest

The Federal Reserve has initiated a public consultation on a proposal for a new payment account aimed at certain financial institutions.

user avatarJacob Williams

Zcash Surges 13% as It Tests Key Resistance Levels

chest

Zcash has gained 13% in the last 24 hours, trading near $438, as it tests critical resistance levels that could lead to further gains.

user avatarDavid Robinson

XRP Wealth Distribution Insights Revealed

chest

Levi Rietveld from Crypto Crusaders shares insights on XRP wealth distribution, detailing the requirements to be in the top percentiles of holders.

user avatarAndrew Smith

Xenea Wallet Launches Daily Quiz for Token Incentives.

chest

Xenea Wallet has launched a Daily Quiz feature that allows users to earn free GEMS convertible into XENE tokens by answering questions related to blockchain, DAOs, and Web3 concepts.

user avatarZainab Kamara

Dogecoin Introduces Fun to Payments

chest

Dogecoin, a leading meme coin, offers a fun aspect to payments while supporting fast transactions.

user avatarKofi Adjeman

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.