US Government Transfers 10,000 Silk Road Bitcoin Worth $590 Million to Coinbase

Aug 14, 2024, 04:29 PM

The U.S. government has transferred 10,000 Bitcoin, valued at approximately $590 million to $600 million, from Silk Road wallets to Coinbase. This move involves a government-affiliated wallet sending the Bitcoin to Coinbase Prime, a platform typically used for institutional trading. The Bitcoin was initially received by a wallet identified as bc1ql from a known U.S. government wallet two weeks ago before being transferred to the Coinbase Prime deposit wallet. A portion of the funds, specifically 9.4K BTC, was moved to Coinbase Institutional wallet 33J before reaching Coinbase Prime. The transfer of these funds, which were confiscated from the Silk Road, suggests a potential sale by the government.