• 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

Analysts Maintain Strong Buy Rating on Nvidia Amid Market Volatility

chest

Analysts express confidence in Nvidia's potential in the AI sector despite recent market volatility, maintaining a strong Buy rating with price targets from 220 to 320.

user avatarAisha Farooq

Tech Stocks Rebound with Nvidia Leading the Charge

chest

Tech stocks experienced a significant rebound on Friday, led by Nvidia's impressive performance.

user avatarLi Weicheng

LiquidChain Emerges as a Solution for Cross-Chain Liquidity Fragmentation

chest

LiquidChain is positioning itself as a dedicated Cross-Chain Liquidity Layer to address the fragmented liquidity problem in the crypto market.

user avatarTenzin Dorje

HYPER Presale Raises $31M Amid Market Volatility

chest

The HYPER presale has raised $31 million, indicating strong investor interest.

user avatarMohamed Farouk

Bitcoin Hyper Emerges as a Solution to Performance Bottlenecks

chest

Bitcoin Hyper is emerging as a critical solution to Bitcoin's longstanding performance bottlenecks.

user avatarElias Mukuru

BMIC Launches as a Security Layer in Cryptocurrency

chest

BMIC has raised over 433K and is introducing a quantum-secure wallet, staking, and payments stack aimed at enhancing security in the cryptocurrency space.

user avatarBayarjavkhlan Ganbaatar

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.