US government moves $297M in seized Bitcoin, Ether to Coinbase Prime
The transfers have raised questions over Trump’s Bitcoin reserve pledge, though deposits to Coinbase Prime do not confirm an impending sale.
The US government moved nearly $300 million in seized Bitcoin and Ether to Coinbase Prime on Monday, renewing speculation that the assets could be sold.
Data from Arkham shows 3,940 Bitcoin (BTC) (worth $243.95 million) and 30,014 Ether (ETH) (worth $53.09 million) were sent to Coinbase Prime on Monday. The funds were linked to several high-profile US government crypto seizures.
“These coin movements were comprised of coins seized from ryan farace (“xanaxman”) and defunct crypto exchange btc-e,” said Galaxy Research head Alex Thorn, referring to the Bitcoin movements. The Ether is linked to Brian Krewson, an Oracle employee implicated in a $54 million crypto storage and money laundering scheme.