The United States government moved nearly $600 million in seized Bitcoin from the Silk Road dark web marketplace to a Coinbase wallet Wednesday, according to Arkham Intelligence.
The government moved 10,000 Bitcoin, worth nearly $594 million at the time of transaction, to a wallet tied to Coinbase Prime. It’s not immediately clear whether the United States plans to sell or custody the assets. The transaction follows a previous move of approximately $2 billion worth of Silk Road Bitcoin in late July.
Such large shifts of cryptocurrency tend to pique investors’ interest—and sometimes even scare them—as they speculate on what may happen next to the asset.Â
But last month, the U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocurrency assets. The U.S. government may therefore just be moving the seized assets to a new place of custody.Â
- US Government Says Bitcoin Seized From 2016 Hack Should Be Returned to Bitfinex
- The SEC Pulls Own Appeal in Case Over Crypto Broker-Dealer Rules
- Kamala Harris Pledges Support for AI and Crypto Investment at Wall Street Fundraiser
- Donald Trump Pledges to Stop Biden’s Anti-Crypto Agenda, Protect Bitcoin & Free Silk Road Founder Ross Ulbricht
- Donald Trump Makes Five Major Pledges to Cryptocurrency Industry at Bitcoin Nashville
- SEC Appeals Ripple Ruling, Seeks Reversal on XRP Classification