• 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

Converge Bio's AI Platform Aims to Transform Drug Development

chest

Converge Bio is leveraging its newly acquired $25 million funding to enhance its AI platform, which focuses on drastically reducing the time and costs associated with drug development.

user avatarKenji Takahashi

Converge Bio Secures $25 Million Series A Funding to Transform Drug Discovery

chest

Converge Bio, a startup based in Boston and Tel Aviv, has raised $25 million in Series A funding to enhance AI-driven drug discovery.

user avatarMaria Fernandez

Buterin Continues Charity Donations from Token Sales

chest

Vitalik Buterin continues his practice of selling unsolicited tokens and donating the proceeds to charity, emphasizing ethical considerations in cryptocurrency promotions.

user avatarRajesh Kumar

Vitalik Buterin Sells Unsolicited Tokens for 94 ETH

chest

Ethereum cofounder Vitalik Buterin has sold unsolicited tokens from his wallet, converting them into 94 ETH.

user avatarGustavo Mendoza

Grayscale Segments Crypto Market into Five Vertical Categories

chest

Grayscale has categorized its altcoin candidates into five verticals, reflecting a structured approach to the crypto market.

user avatarMiguel Rodriguez

Decline in FLOW Price Amid Controversial Asset Recovery

chest

The price of FLOW has seen a significant decline following the Flow project's controversial asset recovery actions.

user avatarLuis Flores

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.