US Government Sends $297 Million in Seized Crypto to Coinbase in One Day
The US authorities despatched $297 million in Bitcoin (BTC) and Ether (ETH) to Coinbase Prime in two transfers on Monday. Blockchain intelligence agency Arkham tracked an preliminary $8.8 million deposit, then a second $288.33 million deposit three hours later.
The bigger switch combines forfeitures from three separate prison instances. It contains belongings tied to Brian Krewson, the defunct BTC-e change, and darkish internet drug vendor Ryan Farace.
A Pattern Tracked Before
This is just not the primary false alarm from a Coinbase Prime deposit. Forfeited funds moved the identical manner in January, sparking Samourai Bitcoin sale rumors. The authorities has repeated the transfer with different seized belongings since then.
It despatched seized FTX Chainlink tokens to Coinbase Prime in June and seized Alameda altcoins in May. Neither switch became a confirmed sale.
Monday’s transfers comply with the identical script, however at a bigger scale. Three unrelated forfeiture instances moved to Coinbase Prime inside hours of one another, however the query stays open till Treasury or the Marshals Service feedback straight on a sale.
Executive Order, Still Not Law
Trump’s March 2025 govt order created the Strategic Bitcoin Reserve partly geared toward baring the federal government from promoting its Bitcoin holdings. But the rule exists solely by govt determination, not statute.
Congress launched the codify Bitcoin reserve bill in May to lock in a 20-year holding interval. It has not superior previous committee with many seeing it as a robust indicator of this administrations perception in Bitcoin. However, as BTC continues to be despatched to change wallets, individuals are speculating as to the intention behind these strikes.
The US’s Dark Bitcoin
Much of the US authorities’s Bitcoin holdings hint again to prison forfeitures. Monday’s deposit combines three of the highest-profile instances.
Krewson helped retailer and launder $54 million in crypto for 2 convicted drug traffickers, the Department of Justice mentioned. BTC-e ran as an unlicensed change from 2011 to 2017. It processed greater than $9 billion earlier than its shutdown, in accordance to DOJ court docket filings.
Farace generated over 9,138 Bitcoin from darkish internet drug gross sales. He acquired a 54-month sentence in 2023.
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