The Crypto Roundup: 15 August 2024 | CryptoCompare.com

The U.S. government has transferred 10,000 bitcoins linked to the Silk Road, valued at approximately $600 million, to Coinbase Prime, the institutional platform of the exchange giant. Per blockchain data from Arkham Intelligence, the funds were initially moved two weeks ago from a wallet identified as holding Silk Road assets confiscated by the U.S. Department of Justice (DOJ).

Typically, deposits to an exchange suggest an intent to sell, but in this instance, the transfer might have been for custodial purposes. The U.S. Marshals Service, a division of the DOJ, recently partnered with Coinbase Prime to “safeguard and trade” large-cap digital assets. The specifics of how these assets are managed after being moved to a centralized platform remain unclear.

This move follows a significant seizure by the DOJ in 2022 when over 50,000 BTC were confiscated. This led to the arrest of James Zhong, who was accused of manipulating Silk Road’s transaction system back in 2012. 

The last major sale of Silk Road assets by the government occurred in March 2023, when 9,861 BTC were sold for $216 million. According to court filings, the government planned to sell the remaining assets in four batches throughout that year, however, no further sales have been publicly confirmed.

U.S. government-linked wallets currently hold around $12 billion in Bitcoin, along with smaller amounts of other seized cryptocurrencies, per Arkham’s data.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.cryptocompare.com/email-updates/daily/2024/aug/15/