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US Government Transfers Over $131,000,000 Worth of Bitcoin to Coinbase While Offloading Seized BTC: On-Chain Data

The US government has transferred more than $131 million worth of seized Bitcoin (BTC) to Coinbase, according to multiple blockchain tracking firms.

Crypto tracker Lookonchain notes 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) went to the Coinbase Prime wallet.

The blockchain intelligence company Arkham also confirms the Coinbase Prime transfer.

Julio Moreno, head of research at blockchain analytics firm CryptoQuant, says the 2,000 Bitcoin sent to Coinbase was sold. He also points out that the BTC came from the treasure confiscated from James Zhong, who pleaded guilty to wire fraud after being accused of manipulating transactions on the darknet marketplace Silk Road.

According to Arkham, the US government, which acquires Bitcoin largely through seizures related to criminal proceedings, still owns about 213,246 BTC worth $14.13 billion. It also holds around $4.3 million worth of Ethereum (ETH).

The government's crypto sales haven't always come at the right time: In March 2023, it sold 9,861 BTC, worth about $216 million at the time. Thanks to rising digital asset prices, the same amount of Bitcoin is now worth more than $654.4 million.

At the time of writing, Bitcoin is trading at $66,303. The highest-valued crypto asset by market cap is up 2% in the last 24 hours but has fallen more than 4% over the past week.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

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