US Government Sends $288M in Bitcoin, Ethereum to Coinbase Prime
DECRYPT ·
The U.S. government moved $288 million in seized Bitcoin and Ethereum to Coinbase Prime on Monday, according to on-chain tracker Arkham. The transfers revived speculation about a possible sale, though Coinbase Prime is the government's custodian and a deposit there does not confirm one. A 2025 executive order bars selling Bitcoin held in the Strategic Bitcoin Reserve, but that rule covers finally forfeited coins, and these appear to come from still-active criminal cases. The U.S. government shifted $288 million in seized Bitcoin and Ethereum onto Coinbase Prime on Monday, on-chain tracker Arkham showed, reviving speculation that Washington could be preparing to sell crypto it has pledged to hold. The transfers , spread over about half a day, included around 3,800 BTC worth $235 million and about 30,000 ETH worth $53 million, drawn from several criminal cases. The Bitcoin came from funds seized from Ryan Farace, a dark-web dealer known as "Xanaxman" , and the defunct exchange BTC-e , and was routed through intermediary wallets before reaching Coinbase Prime. The Ethereum, tied to a $54 million money-laundering case involving Oracle employee Brian Krewson , went straight to a deposit address. THE US GOVERNMENT JUST DEPOSITED $280M OF CRYPTO TO COINBASE PRIME The US Government just deposited a total of $288.33M of BTC and ETH to Coinbase Prime. This includes confiscations from Brian Krewson, BTC-e, and Ryan Farace. Will they be selling it all? pic.twitter.com/M5srRI3KJU
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