• 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

Copperx Launches Kosh: A Revolutionary Digital Bank for Freelancers

chest

Copperx has launched Kosh, a digital bank for freelancers and small businesses on the Solana blockchain, offering real-time, fee-free transactions.

user avatarAndrew Smith

Young Hoon Kim Endorses XRP Amid Solana Integration

chest

Young Hoon Kim publicly endorses XRP as it integrates into the Solana network, potentially boosting XRP's market performance.

user avatarJacob Williams

Standard Chartered to Facilitate Real-Time Transfers for Coinbase Customers

chest

Standard Chartered will enable real-time transfers of Singapore dollars to Coinbase customers, improving settlement times for crypto trading.

user avatarZainab Kamara

Lion Group's Convertible Note Funding Supports Bitcoin Acquisition

chest

Lion Group Holding Ltd allocated $8 million from a recent convertible note offering to facilitate its Bitcoin acquisition.

user avatarAyman Ben Youssef

Lion Group Acquires 8849 BTC for $8 Million

chest

Lion Group Holding Ltd has made its first Bitcoin acquisition, purchasing 8849 BTC valued at approximately $8 million.

user avatarSon Min-ho

Juventus Fan Token JUV Surges Over 21% After Tether's Acquisition News

chest

The price of the Juventus Fan Token JUV surged over 21% following Tether's acquisition announcement.

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.