The U.S. government moved $566 million in seized crypto to Coinbase Prime over roughly 10 hours, on-chain data shows.
The flows: 4,632 BTC (~$384.5M), 119M USDT, and 750 wrapped BTC (~$62.34M), landing on Coinbase Prime deposit addresses on Oct 7-8, according to on-chain records. Portions trace to the Bitfinex hack and FTX/Alameda forfeitures. The Department of Justice and Treasury have said nothing about whether this is a sale, victim restitution, or a custody reshuffle.
The context that matters: the March 2025 executive order that created the Strategic Bitcoin Reserve says forfeited bitcoin shall not be sold. Routing nine-figure stacks onto an exchange while that order stands turns routine custody into a market headline. Until the government explains the destination, traders will read every wallet move as a potential seller.
$BTC $USDT
The flows: 4,632 BTC (~$384.5M), 119M USDT, and 750 wrapped BTC (~$62.34M), landing on Coinbase Prime deposit addresses on Oct 7-8, according to on-chain records. Portions trace to the Bitfinex hack and FTX/Alameda forfeitures. The Department of Justice and Treasury have said nothing about whether this is a sale, victim restitution, or a custody reshuffle.
The context that matters: the March 2025 executive order that created the Strategic Bitcoin Reserve says forfeited bitcoin shall not be sold. Routing nine-figure stacks onto an exchange while that order stands turns routine custody into a market headline. Until the government explains the destination, traders will read every wallet move as a potential seller.
$BTC $USDT