US Government Moves 3,940 BTC To Coinbase: What to Know
The blockchain analytics firm Lookonchain reported that a wallet moved 3,940 BTC, valued at $241 million, to Coinbase hours after the German government moved 750 BTC to an unknown destination. Governments Auctioning Seized Bitcoins Usually, authorities sell the cryptocurrencies it obtained through asset seizures or criminal investigations. A notable instance is when billionaire investor Tim Draper purchased about 30,000 BTCs from the US Marshals Service, which had seized these BTCs from the Silk Road darknet market in 2014. Arkham Research tracked the movement of 3,940 Bitcoin, worth around $150 million at the time of forfeiture, to Coinbase, with the exchange confirming the receipt. The US government seized these digital assets from an Indian individual sentenced in 2024 for supplying restricted drugs and engaging in laundering money. Various Government's Bitcoin Holdings Meanwhile, Bitcoin Treasuries reports that the US government now holds 213,546 BTC (valued at over $