Blockchain data from Arkham Intelligence revealed that the U.S. government on Wednesday transferred 10,000 Silk Road-related seized bitcoins (BTC) to the exchange giant's institutional platform, Coinbase Prime.
Deposits to exchanges usually indicate an intention to sell assets, but in this case, the transfer could be for custodial reasons, as the U.S. Marshals Service, a division of the Department of Justice, announced a partnership with Coinbase Prime last month to "secure and trade" large digital assets, analysts said.
According to court documents, the government last confirmed the sale of Silk Road assets in March 2023, when 9,861 tokens were sold for $216 million. In the documents, the government laid out plans to sell the remaining assets in four tranches that year, but there have been no follow-up contracts on the sale since then.
Analysis: US Government Moves Nearly $600 million Of Silk Road Bitcoin Or Just For Escrow
2024-08-14 19:30:42
Arkham intelligence block data display US government will Wednesday 10desk3cryptocurrencydesktopCrypto News
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