US government moves $770M of seized Bitcoin to Coinbase Prime

What happened

The US government moved 9,261 Bitcoin to Coinbase Prime, including 2,456 BTC in newly discovered funds pointing to federal law enforcement seizures. The US government moved 9,261 Bitcoin worth $770 million to Coinbase Prime, stemming from asset seizures tied to previous cryptocurrency exploits. Coinbase is a Bitcoin and cryptocurrency company based in San Francisco.

Of the 9,261 Bitcoin (BTC) transferred over the past two days, half was recovered from the Bitfinex hackers, while another portion stemmed from known Binance seizures, wrote Galaxy Research in a Thursday X post . An additional 2,456 BTC originated from previously unknown holdings and was sent to the US government’s seizure address on Coinbase Prime and may represent new law enforcement seizures, according to Galaxy.

The onchain flows show that the US government continues recovering crypto assets from prior exploits. Coinbase Prime has been used by the US Marshals Service as the custody provider to handle seized assets since 2024.

Cointelegraph has contacted the US Marshals and the Department of Justice for comment on the transfers. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information.