As reported by Coin Desk and tracked by Arkham Intelligence, the transfer originated from a wallet labeled “US Government: Silk Road DOJ Confiscated Funds” and was first routed through an address with no prior transaction history before reaching Coinbase Prime.
This follows the US Department of Justice’s 2022 seizure of over 50,000 Bitcoin related to the Silk Road dark web marketplace.
Bitcoin’s price experienced a modest 1% decline to US$95,800 following the news, a more subdued market reaction compared to previous government asset movements.
The US government continues to hold approximately US$18 billion in seized cryptocurrency assets.
In March 2023, the government sold nearly 10,000 Bitcoin for US$216 million, with court filings indicating plans to sell remaining assets in four tranches. Earlier this year, the US Marshals Service partnered with Coinbase Prime to manage these digital assets.
The latest transfer to Coinbase Prime highlights ongoing government strategies for managing large-scale cryptocurrency seizures from criminal investigations, as well as continued government engagement with digital assets in general.
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