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US government transfers $1.9 billion in Bitcoin to Coinbase

xxtac4 months ago02 mins

Key Takeaways

The US government moved 20,000 Bitcoin worth $1.9 billion to Coinbase from a Silk Road-related wallet.
The wallet still contains approximately $18 billion in Bitcoin after the latest transfer.

A crypto wallet linked to the US government recently transferred approximately 20,000 Bitcoin, valued at $1.9 million, to Coinbase, according to data tracked by Arkham Intelligence.

The wallet, which still holds approximately $18 billion worth of Bitcoin, contains crypto assets confiscated from Silk Road, a dark web marketplace that facilitated trades in illegal drugs and weapons before its shutdown in 2013.

The US government moves $1.9 billion in Bitcoin to Coinbase

The recent transaction was executed in two parts, starting with a test transfer of 0.001 BTC, valued at $97, to a Coinbase Prime deposit address, followed by a larger transfer of 1,920 BTC, approximately $1.9 billion, to an intermediary wallet before reaching Coinbase.

These transfers follow a previous movement in late August when the government reportedly sent 10,000 BTC, worth approximately $600 million, to Coinbase from the same wallet.

Apart from Bitcoin, the US authorities also hold around 59,000 Ethereum, valued at approximately $217 million, and 122 million USDT.

Bitcoin’s price dropped to $96,200 following the transfer, according to CoinGecko data. The movement has attracted attention from crypto market participants who are monitoring the government’s handling of its Bitcoin holdings.