US government moves $770M of seized Bitcoin to Coinbase Prime
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The US government transferred 9,261 Bitcoin worth $770 million to Coinbase Prime, including 2,456 BTC from newly discovered funds linked to federal law enforcement seizures. Half of the Bitcoin came from the Bitfinex hackers, while other portions related to known Binance seizures. These transfers reflect ongoing asset recoveries from prior cryptocurrency exploits.
Why it matters
The movement of seized Bitcoin to Coinbase Prime, used by the US Marshals Service for custody, signals continued government activity in controlling recovered crypto assets. Although past transfers led to speculation about sales, a 2025 executive order by President Donald Trump prohibits selling seized Bitcoin, requiring it to be held in a Strategic Bitcoin Reserve.
Key context
Coinbase Prime has served as the custody provider for the US Marshals Service handling seized assets since 2024. Prior transfers in July involved $297 million in Bitcoin and Ether from high-profile seizures. The newly discovered 2,456 BTC may represent fresh law enforcement seizures not previously known.
Key numbers and entities
The US government moved 9,261 BTC worth $770 million total, including 2,456 BTC newly discovered. Half of the Bitcoin seized originated from the Bitfinex hack, with additional funds tied to Binance seizures. Coinbase Prime and the US Marshals Service are central to these transfers, with President Donald Trump’s March 2025 executive order influencing asset management.
What remains unclear
The source does not clarify the specific origins of the newly discovered 2,456 BTC or provide official commentary from the US Marshals Service or Department of Justice on the recent transfers. It is also unclear whether any future sales or uses of the seized Bitcoin will occur under current policies.