On Aug. 14, the United States government transferred 10,000 bitcoins, $593. 91 million, to a Coinbase Prime deposit wallet. These assets were seized on the Silk Road darknet marketplace.
The wallet moving those funds, “bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek,” earned the bitcoin from the wallet titled U. S. Coin. Government on the Arkham Intelligence platform. This transaction took place two weeks ago.
The details of the transaction concluded last Wednesday were revealed in X through Arkham. “BREAKING: 10,000 BTC Silk Road ($593. 5 million) moved to Coinbase Prime,” one post read. That didn’t stop him: “The bc1ql wallet earned 10,000 BTC from a well-known US government wallet 2 weeks ago. This BTC was just sent to 33J, a Coinbase Prime deposit wallet.
Transferring gigantic amounts of assets to exchanges means that the entities behind the transactions will sell their holdings. However, that’s possibly not the case here. The U. S. Marshals ServiceThe U. S. announced a collaboration with Coinbase more than a month ago, looking to use Coinbase Prime. facilities “to support and market” their virtual assets. Coinbase Prime is intended for institutional use, however, several law enforcement agencies in the United States have followed it.
The Bitcoin transferred to Coinbase is part of a seizure in 2022 through the U. S. Justice Decomponent (DoJ). UU. de James Zhong, who stole the assets from Silk Road. The company tracked 50,676. 17851897 bitcoins on its property after the theft. In the past, he had sold 9,861 bitcoins for $216 million in 2023. While the government planned to sell more that year, it didn’t.
Lately, the U. S. government has been trying to get a job out of it. The U. S. has more than $12 billion in virtual assets in its portfolio. Beyond Bitcoin, its portfolio includes significant amounts of ETH, USDT, BNB, WBTC, and other assets.