US Government Transfers $600M in Silk Road Bitcoin to Coinbase
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The US government has moved nearly $600 million in Bitcoin, seized from the Silk Road, to a Coinbase wallet, as reported by Arkham Intelligence. This transfer included 10,000 Bitcoin, following a similar $2 billion transfer in July 2024.
The reason for these moves is unclear, but some speculate the government might be shifting assets for custody or planning a sale. Silk Road, an online black market, was shut down in 2013, and its founder, Ross Ulbricht, was convicted. The government has held the seized Bitcoin since then. Now, attention is on what the US will do with these assets.
US Senator Cynthia Lummis is advocating for Bitcoin to be used as a strategic reserve, similar to gold, to help combat national debt.Bitcoin is currently trading at $59,090.80, down in the last 24 hours but up 7.24% over the past week.
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