US Department of Justice transfers 2,000 BTC to Coinbase Prime
Date: 2024-04-04 Author: Henry Casey Categories: BUSINESS
The US Department of Justice conducted a transaction in the amount of 2,000 BTC, transferring them to a Coinbase Prime address. These funds are part of the confiscated assets related to the Silk Road case.
Part of the confiscated funds in the Silk Road case
The court officially seized 69,370 BTC seized from the Silk Road site at the end of 2023. Now the US Department of Justice has transferred part of this amount to the Coinbase exchange - 2000 BTC.
Transaction details
According to ZachXBT analyst, the transaction began with a test transfer of 0.001 BTC to the address. This was followed by a transfer of 2000 BTC. These descriptions are confirmed by on-chain data and the Arkham Intelligence platform.
At the current price of Bitcoin at $66,200, 2000 BTC are valued at $132.4 million. This is only part of the cryptocurrency assets that the Ministry of Justice intends to sell.
In January 2024, it became known about the authorities’ plans to sell part of the confiscated assets. So, a transfer to Coinbase could be part of this preparation, given the total amount of assets in the wallet is around 29,800 BTC.
