• 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.

Other news

Tether's Bitcoin Mining Partnership: Ambitions to Become a Leading Player

chest

Tether aims to become the world's largest Bitcoin miner by 2025, strengthening its positions in financial markets.

user avatarGiorgi Kostiuk

Major HYPE Holders Shift Funds Ahead of Kinetiq Launch

chest

Preparations for the launch of new protocol Kinetiq are marked by large withdrawals of HYPE tokens, indicating significant changes in the ecosystem.

user avatarGiorgi Kostiuk

SEC Develops New Rules for Fast Tracking Cryptocurrency ETFs

chest

SEC may change rules to speed up approval of cryptocurrency ETFs, including altcoins like Solana and XRP.

user avatarGiorgi Kostiuk

Altcoin Season Index: Key Crypto Market Trends for Investment Strategy

chest

The Altcoin Season Index indicates low values, signaling Bitcoin's dominance in the crypto market. Learn how it affects your investment strategy.

user avatarGiorgi Kostiuk

XRP ETF: Interest Rises Ahead of SEC Approval

chest

Interest in XRP trading surges as ETF approval from ProShares is awaited, potentially attracting institutional investments.

user avatarGiorgi Kostiuk

Indictments in OmegaPro Fraud: Two Individuals Charged in $650 Million Scheme

chest

Two individuals have been indicted for fraud in the OmegaPro scheme, which defrauded numerous investors out of $650 million.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.