2 hours ago
The US authorities moved astir $300 cardinal successful seized Bitcoin and Ether to Coinbase Prime connected Monday, renewing speculation that the assets could beryllium sold.
Data from Arkham shows 3,940 Bitcoin (BTC) (worth $243.95 million) and 30,014 Ether (ETH) (worth $53.09 million) were sent to Coinbase Prime connected Monday. The funds were linked to respective high-profile US authorities crypto seizures.
“These coin movements were comprised of coins seized from ryan farace (“xanaxman”) and defunct crypto speech btc-e,” said Galaxy Research caput Alex Thorn, referring to the Bitcoin movements. The Ether is linked to Brian Krewson, an Oracle worker implicated successful a $54 cardinal crypto retention and wealth laundering scheme.
The transfers person drawn attraction due to the fact that a sale would look to conflict with US President Donald Trump’s March 2025 enforcement order, which said Bitcoin seized by the US authorities should signifier portion of the Strategic Bitcoin Reserve and should not beryllium sold.
However, the deposits bash not corroborate a sale, arsenic Coinbase Prime provides institutions with custody, trading, financing and staking services, meaning the transfers whitethorn simply bespeak plus consolidation.
Related: US Bitcoin reserve hits snag arsenic national agencies statement for control: Bloomberg
Although the US authorities has antecedently transferred cryptocurrency to Coinbase Prime, Monday's transportation was 1 of the largest from government-linked wallets this year.
In June, a US government-linked wallet moved 98,589 Chainlink (LINK) tokens to the platform, with the funds traced to assets seized from FTX and Alameda Research. In April, astir 8.2 Bitcoin tied to the 2016 Bitfinex hack was sent to Coinbase Prime.
US government-linked wallets are estimated to inactive clasp $20.6 cardinal successful crypto, including astir 325,000 BTC, 28,000 ETH, 146 cardinal USDT and 750 Wrappd Bitcoin (WBTC).
Magazine: Bitcoin nearing precocious stages of carnivore market: Jamie Coutts, Real Vision
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