• 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

Walmart Recession Signal Indicates Economic Pressure

chest

Market expert Jim Paulsen raises concerns about the economic outlook, highlighting the performance gap between Walmart and luxury retailers, indicating financial pressure on lower and middle-income households.

user avatarMaria Fernandez

Market Optimism Following Robinhood's NEAR Listing

chest

The market response to the NEAR listing announcement indicated measured optimism with increased trading volumes.

user avatarGustavo Mendoza

Robinhood Expands Crypto Offerings with NEAR Protocol Listing

chest

Robinhood has added NEAR Protocol for spot trading, expanding its cryptocurrency offerings to over 23 million users.

user avatarRajesh Kumar

Robinhood's NEAR Protocol Listing: A Strategic Move in Crypto Expansion

chest

Robinhood's decision to list NEAR Protocol represents a strategic expansion of its cryptocurrency services, aiming to attract new users and increase trading volumes.

user avatarMiguel Rodriguez

Serhii Zakharov Honored at FinTech Week Awards in Dubai

chest

Serhii Zakharov was honored with the Excellence in Financial Leadership Award for Digital Payments Innovation at the FinTech Week Awards in Dubai.

user avatarLuis Flores

Dogecoin Faces Bearish Rejection from Ichimoku Cloud

chest

Dogecoin's price has faced a significant rejection from the Ichimoku cloud resistance zone, indicating a bearish trend.

user avatarArif Mukhtar

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.