The US Department of Justice has seized Bitcoin (BTC) from a dark web drug dealer.
Coinbase Prime receives 58.742 BTC worth $3.96 million.
Grayscale sent ETH worth $1.01 billion to Coinbase Prime.
The crypto community has come a long way since its creation. Since then we say how tepidly the technology was adopted. When it was still in its early stages many unsavory actors siphoned funds for their own pleasure. Now with jurisdiction, many governments are aware of how to handle such situations.
To showcase the work of these governments, the US government displays a great win for them today. In detail, the US Government has just transferred 58.742 BTC worth $3.96 million to Coinbase Prime Deposit at 1:59 UTC+8 today.
The U.S. Government transferred 58.742 BTC to Coinbase Prime Deposit at 1:59 UTC+8 today, worth about $3.96 million. This part of the transferred BTC came from funds seized from dark web drug dealer Ryan Farace. The U.S. Department of Justice confiscated 2,933 BTC from the Farace…
— Wu Blockchain (@WuBlockchain) July 23, 2024
To highlight, part of these transferred funds come from seized BTC taken from the dark web drug dealer Ryan Farace. In particular, the US Department of Justice confiscated 2,933 BTC from the Farace family. So far, the US Government still holds a total of 213, 239,000 BTC which amounts up to about $14,397,000,000.
Meanwhile, Coinbase Prime is having a good day seeing funds pour in via Bitcoin (BTC) and Ethereum (ETH). While 58.742 BTC has come directly from the US Government’s seized BTC funds from Ryan Farace, ETH funds have flown in from another trusted source.
BREAKING: @Grayscale ETHEREUM TRUST SENDS $1.01 BILLION WORTH OF $ETH TO @coinbase PRIME pic.twitter.com/QJeTqcMWxD
— DEGEN NEWS (@DegenerateNews) July 22, 2024
Specifically, the financial institution, Grayscale, has just sent $1.01 billion worth of ETH to Coinbase Prime from the Grayscale Ethereum Trust. This marks Grayscale’s Coinbase Prime Deposit, which supports the mission of Coinbase Prime to boost institutional crypto investing.
Ultimately, with the ETH ETF launch upon the crypto market, it seems that Grayscale is just getting started. While most analysts expect ETH price to shoot up following the ETH ETF launch, some expect a dip in ETH price before the bullish wave.
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The post Coinbase Prime Receives BTC Worth $3.96M and ETH worth $1.01 Billion From the US DOJ and Grayscale appeared first on Crypto News Land.
