According to the most recent reports, the US government's wallets exchanged almost 40,000 Bitcoins, the majority of which were internal transactions. A certain number of coins were transferred to the top cryptocurrency exchange Coinbase out of the entire amount of Bitcoin transferred, which is worth over $2 billion.
The portal also noted that 9,861 BTC "seized from the Silk Road hacker" had been sent to the Coinbase cluster. It should be mentioned that the Federal Bureau of Investigation (FBI) shut down the famed illegal market known as Silk Road in 2013.
2014 saw the auctioning off of the confiscated Bitcoins following the shutdown of the Silk Road. The motivation behind the current Bitcoin move to the Coinbase cluster is yet unknown.
The unexpected transfer of the US government's Bitcoin assets raises an interesting set of problems. While the market remains high, there are suspicions that the government has been attempting to sell off its holdings. Others, though, contend that the transfer of Bitcoins is only a function of the nation's mechanism for managing its assets.
