US government transfers 4,000 BTC to Coinbase
Key Insights
- The US government controls a Bitcoin wallet from the Silk Road seizure.
- The government’s Bitcoin assets are currently valued at approximately $13.3 billion.
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A crypto wallet known to be controlled by the US government recently transferred around 3,940 Bitcoin (BTC), worth around $241 million to Coinbase, according to data from Arkham Intelligence. The US government currently holds around $13,3 billion worth of Bitcoin.
The wallet’s Bitcoin stash is tied to the seizure of Bitcoin from the Silk Road, an infamous online marketplace on the dark web, dealing in illegal drugs, weapons, and other illicit goods. Silk Road was shut down in 2013.
Earlier in April, the government allegedly transferred 30,175 BTC, worth approximately $2 billion, from the same wallet to Coinbase.
The transaction was split into three transfers, starting with a small test transfer of 0.001 BTC ($65) to a Coinbase Prime deposit address, followed by the main transfer of 1,999 BTC (around $130 million) to Coinbase. The remaining 28,176 BTC was sent to another government-controlled wallet, likely as part of a planned sale.
This is a developing story: We’ll give updates on the situation as we learn more.
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Author: Vivian Nguyen
