The U.S. government has transferred nearly $600 million worth of Bitcoin, seized from the Silk Road dark web marketplace, to a wallet managed by Coinbase Prime. This transaction, involving 10,000 Bitcoin, was reported by Arkham Intelligence.
The fate of these assets remains uncertain—whether they will be sold or retained is yet to be determined. This transfer follows a previous move in late July, when approximately $2 billion worth of Silk Road Bitcoin was relocated. Recent data from CoinMarketCap shows Bitcoin trading at around $58,461, reflecting a 3.9% drop over the past 24 hours.
Such large-scale transfers typically draw significant investor interest and speculation regarding their market impact. Last month, the U.S. Marshals Service awarded Coinbase Prime a contract to handle and liquidate substantial cryptocurrency holdings, indicating the possibility that these assets are being repositioned for secure custody.
The Silk Road, which was dismantled in 2014, was known for facilitating illegal transactions through cryptocurrencies like Bitcoin. Over the years, various portions of the seized Bitcoin have been sold by U.S. authorities.
In related news, Republican presidential candidate Donald Trump has proposed creating a “strategic Bitcoin reserve” if elected, and has expressed intentions to retain all Bitcoin currently held by the U.S. government.
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