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 cryptocy tend to pique investors’ interest—and sometimes even scare them—as they speculate on what may happen next to the asset.
But last month, the U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocy assets. The U.S. government may therefore just be moving the seized assets to a new place of custody.
SWIFT has launched a new blockchain-based ledger pilot with 17 major banks to test how tokenized deposits can move across…
Sony Bank, the banking arm of Sony Financial Group, has received conditional approval from the Office of the Comptroller…
PayPal has expanded its stablecoin strategy by launching PayPal USD (PYUSD) natively on the Polygon blockchain, giving businesses direct access…
BONK, one of Solana's most recognizable memecoins, is facing a major governance crisis after an…
World, the blockchain ecosystem co-founded by Sam Altman, is shifting its prediction market infrastructure from Solana to the…
BNB Chain has revealed plans to build a brand-new Layer 1 blockchain specifically designed for the next generation…