• 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

Blockchain Experiment Shows Promise for Future Aviation

chest

NASA's blockchain experiment demonstrated its potential to secure aviation data and support autonomous flight.

user avatarMaria Fernandez

NASA Explores Blockchain Technology for Aviation Security

chest

NASA has initiated an exploration of blockchain technology to enhance the security of aviation systems against cyber threats.

user avatarGustavo Mendoza

Kazakhstan Establishes Regulatory Framework for Digital Assets

chest

Kazakhstan's President Kassym-Jomart Tokayev has signed new legislation to regulate digital assets, including cryptocurrencies like Bitcoin.

user avatarDiego Alvarez

Market Consolidation Observed as SHIB Exchange Reserves Remain High

chest

Market consolidation is observed as SHIB exchange reserves remain high, indicating that broader market participants are not rapidly withdrawing assets for long-term holding.

user avatarKenji Takahashi

Global Currency Markets React to US Dollar Decline

chest

The decline of the US dollar has triggered a cascade of effects across global finance, altering the hierarchy of safe-haven assets.

user avatarLuis Flores

US Dollar Retreats Amidst Greenland Dispute

chest

The US dollar has sharply declined due to escalating geopolitical tensions over Greenland, affecting global currency markets.

user avatarRajesh Kumar

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.