US government transfers BTC worth $300m from Coinbase
Crypto.news
Published Jul 13, 2023 04:11AM ET
Updated Jul 13, 2023 04:31AM ET
US government transfers BTC worth $300m from Coinbase
Crypto.news - The US government moved over $297 million worth of bitcoin (BTC) seized from the Silk Road hacker in March.
The total amount captured from the hacker was worth over $1 billion — 49,000 bitcoins — in March. At the current price point, the total assets would be worth roughly $1.5 billion as BTC holds above the $30,000 mark.
Moreover, the US government transferred 9,825 bitcoins — worth $298.7 million at the time of writing — to different addresses. Of this tally, the authorities moved 1,625 coins to two new addresses while the remaining 8,200 tokens were put into eight whale wallets in 101 transactions — with most of the transactions containing 79.2 bitcoins.
According to on-chain data, the whales’ addresses had been inactive for the past two years. It’s important to note that 9,825 coins had been sitting in Coinbase (NASDAQ:COIN) while the remaining 39,175 bitcoins were sent to new addresses.
The big move by the US government comes as the BTC price goes down by 1.3% in the past 24 hours, with a one-day high of $30,959. Bitcoin is trading at around $30,400 at the time of writing. However, the asset’s 24-hour trading volume spiked to $14.5 billion, marking a 22% rise.
BTC price – July 13 | Source: Trading View
A report on July 12 showed that bitcoin investors have been turning to self-custodial wallets as the total number of BTC on exchanges hit a five-year low.
This article was originally published on Crypto.news
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