US government moves $2 billion in Bitcoin to Coinbase

abdelaziz Fathi

A cryptocurrency wallet belonging to the U.S. Department of Justice (DOJ) and contains $2 billion in confiscated bitcoin has reportedly attempted a transaction towards Coinbase Prime. The initial transfer involved a minor sum of 0.001 BTC, believed to be a test transaction.

Following the initial transaction, an additional transfer of 1,999.999 BTC, valued at around $131.27 million, was directed into the Coinbase Prime hot wallet as of 16:59 UTC.

The wallet holds over 30,174 bitcoins and initiated the test transaction with an address recognized on Arkham as belonging to Coinbase Prime, receiving one block confirmation thus far. Such test transactions are common practice, often preceding larger transfers, as exchanges generally require multiple confirmations for transaction validation.

The bulk of the funds were rerouted to a change address, indicating the possibility of the assets remaining within control of the original entity.

The massive bitcoin cache is believed to be linked to assets seized by the DOJ from the now-defunct dark web marketplace Silk Road. A U.S. appeals court upheld last year a decision mandating the forfeiture of 69,370 bitcoins, among other cryptocurrencies, related to Silk Road.

In 2020, the DOJ initiated efforts to forfeit cryptocurrencies valued at over $1 billion at that time, connected to the Silk Road marketplace. The recent transactions stem from a wallet associated with James Zhong, who in 2022 was convicted for acquiring over 50,000 BTC from Silk Road through illicit means. U.S. authorities, upon raiding Zhong’s residence in 2021, uncovered hardware wallets laden with bitcoin, including one ingeniously concealed within a popcorn tin.

This move comes after the U.S. government’s sale of 9,861 BTC seized from Zhong for over $215 million in March 2023, reducing the holdings to around 40,000 BTC. Today’s transaction coincides with a drop in bitcoin’s price which lost more than 7 percent as of writing.

The Silk Road marketplace had been operational over a decade ago, and facilitated the anonymous trade of illegal goods, including narcotics, weapons, and stolen financial data. Ross Ulbricht, the platform’s founder, was arrested in 2013 and is currently serving dual life sentences without the option for parole.

Read this next


BlockDAG’s Impressive 30,000x ROI Potential and Moon-Based Keynote Captivate Solana And Bitcoin Cash Crypto Investors

Discover BlockDAG’s impressive moon keynote launch and its promise of a 30,000x ROI that is drawing investors from Solana and Bitcoin Cash.

Market News

This is it, the USD Strength has Come to an End

In the aftermath of Israel’s retaliatory strikes in Iran, the currency markets have entered a phase of heightened volatility, reflecting the intricate interplay between geopolitical tensions and economic fundamentals.


BlockDAG Leads DeFi Innovation with $19M Presale, Overshadowing Cardano and Binance Coin With 30,000x ROI and DAG Structure

Learn about BlockDAG’s growth in its presale, surpassing $19M, and its impact on the DeFi landscape, overshadowing movements in Cardano and Binance Coin (BNB).


BlockDAG Offering a Fresh Take on Meme Coin Development Amid Solana’s Challenges and Floki Inu’s Price Fluctuations With 30,000x ROI

Dive into how BlockDAG’s innovative presale, low-code platforms, and potential 30,000x ROI, outperform Solana’s technical hurdles and Floki Inu’s market predictions.


BlockDAG Excels With $2.2M In Miner Sales And Moonshot Teaser, Overshadowing Litecoin’s Rally And Dogwifhat’s Market Highs

Explore how BlockDAG’s $2 million Miner Sales & Moonshot Teaser eclipse the Litecoin price recovery and the Dogwifhat all-time high.


BlockDAG Leads Top 6 Cryptocurrencies to Buy in 2024 with a Potential Price Surge to $10 Leaving Cosmos, BNB, and Ethereum Behind

Discover the top six cryptocurrencies in 2024, including BDAG’s remarkable growth potential, BNB’s durability, Cosmos’ connectivity, and ETH’s eco-friendly advances.

Retail FX

Weekly Roundup: Prop firm arbitrarily accounts, Interactive Brokers’ CFDs in Japan

FX, Fintech and cryptocurrency markets have been bustling with activity over the past week, as is often the case. Keep yourself informed and ahead of the curve with a curated selection of crucial stories and developments that are most relevant to those engaged in the markets.


BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.