The U.S. government has transferred more than $131 million in confiscated Bitcoin (BTC) to Coinbase, according to multiple blockchain tracking companies.
Cryptocurrency tracker Lookonchain points out that the US government recently transferred a total of 30,174.703 BTC (worth $1.98 billion), of which 2,000 BTC (worth $131.65 million) was transferred to the Coinbase Prime wallet.
Blockchain information company Arkham also confirmed the transfer of Coinbase Prime.
Julio Moreno, head of research at blockchain analysis firm CryptoQuant, said: To tell The 2,000 Bitcoins sent to Coinbase were sold. He also pointed out that the BTC came from a treasure trove seized from James Zong, who was accused of manipulating transactions on the darknet market Silk Road and pleaded guilty to wire fraud.
The U.S. government, which primarily acquires bitcoin through seizures related to criminal proceedings, still holds about 213,246 BTC, worth $14.13 billion, Arkham said. It also holds approximately $4.3 million worth of Ethereum (ETH).
The timing of the government's cryptocurrency sales was not necessarily good, as in March 2023, it sold 9,861 BTC, worth about $216 million at the time. Thanks to soaring digital asset prices, the equivalent amount of Bitcoin today is worth more than $654.4 million.
At the time of writing, Bitcoin is trading at $66,303. The top crypto asset by market capitalization rose 2% in the past 24 hours, but has fallen more than 4% in the past week.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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