• 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

BNB Price Faces Significant Decline Amid Crypto Market Selloff

chest

BNB price has dropped over 9% amid significant liquidation in the crypto market, falling below the 800 support level but currently recovering. Analysts warn of a potential decline to 600 if bearish trends continue.

user avatarJacob Williams

NFT Market Faces Severe Decline

chest

The NFT market has reached its lowest levels since April, with a total market cap of $27.8 billion, reflecting a 43% decline over the last month.

user avatarZainab Kamara

21-Day Negative Coinbase Premium Indicates Bearish Shift

chest

21-Day Negative Coinbase Premium Indicates Bearish Shift

user avatarSon Min-ho

Thomas Lee Young Revolutionizes Industrial Safety with AI

chest

24-year-old CEO Thomas Lee Young is transforming industrial safety through AI, leveraging his unique background from Trinidad's oil rigs.

user avatarAyman Ben Youssef

Surge in Trading Volume for Top Cryptocurrencies

chest

Surge in trading volume for top cryptocurrencies driven by onchain activities and increased interest in staking.

user avatarTando Nkube

Federal Reserve's Rate Policy Affected by AI Concentration

chest

The concentration of growth in a few tech companies has influenced the Federal Reserve's decision-making regarding interest rates.

user avatarNguyen Van Long

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.