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Why Did the U.S. Move $297M in Bitcoin and Ether to Coinbase Prime?
Arkham said the transfers included 3,940 Bitcoin and 30,014 Ether, and Coinbase Prime custody services may indicate consolidation rather than a sale.
- On Monday, the U.S. government transferred nearly $300 million in seized Bitcoin and Ether to Coinbase Prime, according to on-chain tracking data from Arkham, comprising 3,940 BTC and 30,014 ETH.
- Galaxy Research head Alex Thorn said the Bitcoin movements comprised coins seized from Ryan Farace, known online as "Xanaxman," and defunct crypto exchange btc-e, while Ether is linked to Oracle employee Brian Krewson.
- Government-Linked wallets hold an estimated $20.6 billion in crypto, including around 325,000 Bitcoin and 28,000 Ether; in June, authorities moved 98,589 Chainlink tokens linked to FTX and Alameda Research seizures.
- Coinbase Prime provides custody and staking services; analysts note these deposits do not confirm an impending sale and may simply reflect asset consolidation rather than liquidation.
- President Donald Trump's March 2025 pledge created a Strategic Bitcoin Reserve mandating that seized Bitcoin shall not be sold, raising questions over whether the recent transfers conflict with that reserve policy.
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30 Articles
US Government Shifts $12.36M in ETH, USDC and USDT to Coinbase After Monday's BTC Move
The U.S. government moved $12.36 million in ether, USDC and USDT out of a Bitfinex hack seizure wallet on Tuesday, July 14, sending the funds to Coinbase Prime and one unlabeled address, according to Arkham Intelligence data. The transfer follows Monday’s movement of roughly 3,941 BTC to Coinbase Prime, giving the government two straight days […]
Coverage Details
Total News Sources30
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
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