U.S. Government Wallet Moves $2 Billion in Bitcoin to Coinbase

The wallet reportedly linked to the U.S. Justice Department (DOJ) initiated a 0.001 BTC transaction to a Coinbase Prime address. However, shortly afterward, the wallet transferred 30,174 BTC.

On April 2, a wallet reportedly linked to the U.S. Justice Department (DOJ) initiated a 0.001 BTC transaction to a Coinbase Prime address. However, shortly afterward, the wallet transferred 30,174 BTC, valued at around $2 billion, to a new address.

According to internet investigators, the Bitcoin-holding wallet was seized from James Zhong, who was convicted in 2022.

For context, Zhong was convicted for stealing over 51,680 bitcoin from the online black market Silk Road between 2012 and 2014.

During 2021, American authorities conducted a raid on Zhong’s premises and found hard wallets storing Bitcoin.

According to a DOJ press release, this seizure was then the largest cryptocurrency seizure in the history of the DOJ.

The U.S. government has not confirmed the Bitcoin transaction yet. The government's last confirmed sale was in March 2023, trading 9,861 coins for $216 million.

If verified, this transaction would notably surpass the previous one.

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