August 14, 2024, 9:02 PM🚨 Massive Bitcoin Transfer: US Government Moves $600 Million to Coinbase PRIME! 💰🔒

The United States government on Wednesday transferred 10,000 Bitcoin (BTC), or about $600 million, tied to Silk Road to Coinbase PRIME, Coinbase’s institutional platform.

The transfer may be for safekeeping rather than sale, although exchange filings often indicate an intent to sell. The partnership between the US Marshals Service and Coinbase PRIME, announced last month, aims to “safeguard and exchange” important digital assets.

Bitcoin, which had been under pressure and trading around $59,000, had already fallen $61,000 earlier in the day. 📉 The Justice Department has previously seized over 50,000 BTC linked to Silk Road, with a confirmed sale in March 2023 for $216 million. Government wallets currently hold $12 billion in seized BTC and other crypto. 🚀

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