U.S. Government Moves $770M in Bitcoin to Coinbase Prime
- Galaxy Research tracked 9,261 BTC worth $770 million moving to Coinbase Prime over two days.
- An additional 2,456 BTC came from wallets not previously identified as U.S. government holdings.
- The transfers rank as the ninth-largest bitcoin outflow day for the government since 2013.
- Nearly half of the coins originated from the notorious Bitfinex hack of 2016, with another portion linked to Binance seizures.
- The receiving address has accumulated 11,567 BTC since December, including coins from recognized government wallets and unlabeled senders.
The U.S. government’s recent transfer of $770 million in bitcoin to Coinbase Prime highlights significant movements within its cryptocurrency holdings, involving assets tied to past high-profile hacks and seizures. The discovery of previously unknown holdings raises questions about the extent of Washington’s unidentified cryptocurrency inventory and its future handling strategies.
This movement marks a substantial shift in federal bitcoin management, ranking ninth among historical outflows since records began in 2013. (Source)
