• 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

2 years 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

Sam Bankman-Fried's Request for New Trial Denied

chest

A federal judge has denied Sam Bankman-Fried's request for a new trial, calling his claims baseless. He is serving a 25-year sentence for fraud related to the FTX collapse.

user avatarAndrew Smith

Celsius Founder Alexander Mashinsky Permanently Banned from Crypto

chest

Alexander Mashinsky, the founder of Celsius, has been permanently banned from the crypto industry as part of a $10 million settlement with the Federal Trade Commission (FTC).

user avatarJacob Williams

Key Figures Indicted in Major Cryptocurrency Fraud Case

chest

Several individuals have been indicted for their involvement in orchestrating cryptocurrency scams that targeted American citizens.

user avatarSon Min-ho

Bitcoin Tests 76,000 Resistance After Recovery

chest

Bitcoin is testing the 76,000 resistance zone after a controlled recovery, facing potential rejection that could lead to a return to lower price levels.

user avatarZainab Kamara

International Authorities Unite to Combat Cryptocurrency Scams

chest

International authorities from the US, UAE, and China have arrested 276 individuals involved in cryptocurrency scams that defrauded American victims of millions.

user avatarAyman Ben Youssef

Bitcoin Coinbase Premium Gap Hits Negative Levels, Indicating Increased Selling Pressure

chest

Bitcoin Coinbase Premium Gap has reached a significantly negative level, indicating increased selling pressure on Coinbase.

user avatarTando Nkube

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.