US Government Transfers $2.1B in Seized Bitcoin to Coinbase

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Coinbase Warns: US Government's Crypto Stance Jeopardizes its Tech Leadership
Source: Reuters

The US government has transferred 30,174 Bitcoin worth $2.1 billion seized from Silk Road to Coinbase. A wallet tagged as belonging to the U.S. government was observed making the transfer Tuesday morning.

The US government has yet to confirm this Bitcoin transaction. The last confirmed sale by the government was in March 2023, selling 9,861 coins for $216 million. Furthermore, if confirmed, this sale would be significantly larger than the last.

For context, the US government seized roughly 50,000 bitcoins related to the Silk Road website in late 2022. Those within the digital asset market know the Silk Road as one of the industry’s biggest crimes. A digital black market, the Silk Road marketplace was used for money laundering and illegal drug trades using the leader cryptocurrency.

US Government Transfers $300M Bitcoin Connected to Silk Road
Source: PYMNTS.com

Also Read: US Government to Sell $130M Worth of Bitcoin From Silk Road

This morning’s movement of Bitcoin was to an unidentified wallet. However, the wallet database Arkham Intelligence has tagged the wallet as belonging to the crypto exchange Coinbase. Ultimately, we’ll have to wait for the US Government to confirm this transaction.

At press time Bitcoin is trading at just over $65,000. While the price has been up and down as of late, the price of the leading currency is expected to climb as the upcoming Bitcoin Halving approaches later this month.