Suspected 9,861 BTC Transferred To Coinbase By The US Government

Key Points:

• Data from the blockchain shows unexpected transfers of 9,861 BTC to the exchange from the US authorities, fueling rumors of an imminent sale of BTC.
• It needs to be clarified what the purpose of the transfers was and whether the funds raised to Coinbase were sold.
• US authorities have repeatedly held auctions to sell Bitcoin exhibits but have never been recorded transferring Bitcoin money directly to the exchange like that.

While most transactions are just going back and forth between wallets, Glassnode claims to have discovered 9,861 BTC seized from the Silk Road hacker transferred to Coinbase, equivalent to nearly $214 million.

Data from the blockchain shows unexpected transfers of large amounts of Bitcoin from the US authorities, fueling rumors of an imminent sale of Bitcoin.

Online market intelligence firm Glassnode says 40,000 BTC, worth nearly $886.78 million – related to US government law enforcement arrests is being moved.

It needs to be clarified what the purpose of the transfers was and whether the funds raised to Coinbase were sold.

The US has, in the past, seized large amounts of cryptocurrencies as evidence of industry fraud and attack cases. In 2013, the FBI busted the “Silk Road black market” and confiscated 144,000 BTC.

In February 2022, the US Department of Justice announced that it had found the culprit of the 2016 Bitfinex attack, seizing all 94,000 BTC. By November of the same year, US authorities continued to recover another 50,000 BTC from an individual accused of hacking into Silk Road.

US authorities have repeatedly held auctions to sell BTC exhibits but have never been recorded transferring Bitcoin money directly to the exchange like that. Therefore, the above information is causing a stir in the Twitter crypto community, especially at a compassionate time when another giant “whale,” Mt. Gox holding 144,000 BTC, is about to begin the process of returning investors after ten years of having the asset.

Today, Bitcoin prices also saw adverse movements after Federal Reserve Chairman Jerome Powell said that high inflation continues to cause difficulties. Powell noted there is a “long way” to get inflation back to 2%, and the road to the target will likely be “bumpy.” This means that the Fed may continue to raise interest rates in March.

Bitcoin is currently trading at $22,173.07, down 1.36% over the past 24 hours.

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