US Government Moves $600M in Silk Road Bitcoin to Coinbase
The US Government has moved nearly $600M in seized Bitcoin from Silk Road to a Coinbase wallet, according to Arkham Intelligence. The government holds millions of dollars worth of Bitcoin from various seizures over the years, including from the Silk Road dark web marketplace. The amount of Bitcoin moved was 10,000, all to a Coinbase Prime wallet. The US Government moved nearly $2 billion in Bitcoin from Silk Road to another wallet in July 2024. The reasons behind the transaction are unknown, and analysts wonder if the government plans to sell or custody the BTC. In July, The U.S. Marshals Service (USMS) awarded Coinbase Prime a contract to manage and dispose of its large-cap cryptocurrency assets. Therefore, the U.S. government may just be moving the seized assets to a new place of custody. What was Silk Road, and What is the US Government Doing With Its Bitcoin? Source: Shutterstock / In Green, modified by Blockworks Silk Road was permanently shut down in 2013 after an FBI investigati...