Is Government Moves $1.9 B of bitcoin to a coinbase wallet

Crypto Daily - According to blockchain firm Arkham Intelligence, The United States government has moved $1.9 billion worth of seized Bitcoin (BTC) to Coinbase (NASDAQ:COIN) Prime.

The move comes amid growing conversations about establishing a strategic BTC reserve in the US under the incoming Trump administration.

US Shifts Seized BTC

The transaction involves almost 19,800 BTC seized in 2021 during an investigation into James Zhong’s Silk Road-related activities. Zhong is convicted of wire fraud after authorities discovered hidden BTC. The Department of Justice had previously seized over 50,000 BTC from Zhong, with the government retaining almost $18 billion worth of BTC. While the reason for the transfer is unknown, speculations are rife that the government could sell off the BTC or repurpose the stolen funds.

“JUST IN: US Government moves $1.92 billion worth of #Bitcoin to a new address.”

The transferred funds were sent to two wallets, each containing $969 million and $949 million in BTC respectively. The government still holds over $18 billion worth of BTC. The transfer of BTC comes with many expecting President-elect Donald Trump to make significant headway on a Bitcoin reserve bill early in his second term. However, Coinbase Prime has partnered with the US government to manage crypto assets linked to seizures and part of the broader enforcement landscape. Meanwhile, calls to pardon Silk Road founder Ross Ulbricht have intensified, with Trump facing renewed pressure to act on his campaign promises.

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