US government wallets just moved hundreds of millions in seized crypto, and nobody has said why.
Over Oct 7-8, on-chain trackers flagged a wave of transfers from US government-linked wallets:
- About 833.6 $BTC, roughly $71.6M, sent to Coinbase Prime. Onchain Lens ties it to forfeitures from the Potapenko/Turogin and Bitfinex hack cases. Arkham links part of it to the HashFlare fraud case instead.
- About 40,285 $BNB, roughly $31.6M, moved out of seized FTX/Alameda funds.
- Later, 94.15M USDT from the same FTX/Alameda funds also went to Coinbase Prime.
Onchain Lens puts the total near $566M. Other trackers report different totals, so treat the exact figure as rough.
Yes, some of those bitcoins are from the same Bitfinex hack we covered yesterday. The story keeps going.
Now the key question: is this a sale?
- Coinbase Prime does both custody and trading. Moving coins there doesn't prove anything is being sold.
- The March 2025 executive order says bitcoin placed in the Strategic Bitcoin Reserve can't be sold. But forfeited coins can also be returned to victims, and other assets fall under a separate stockpile with different rules.
- No agency has explained these moves.
For context, tracked US government wallets still hold roughly 324,000 BTC, worth about $27.7B. A $72M transfer is small next to that, but in a week when BTC is already under pressure, markets notice every move.
Do you think the US is quietly selling seized coins, or just moving them to pay back victims?
Like and follow for on-chain moves explained without the panic.
#Bitcoin #OnChain
Over Oct 7-8, on-chain trackers flagged a wave of transfers from US government-linked wallets:
- About 833.6 $BTC, roughly $71.6M, sent to Coinbase Prime. Onchain Lens ties it to forfeitures from the Potapenko/Turogin and Bitfinex hack cases. Arkham links part of it to the HashFlare fraud case instead.
- About 40,285 $BNB, roughly $31.6M, moved out of seized FTX/Alameda funds.
- Later, 94.15M USDT from the same FTX/Alameda funds also went to Coinbase Prime.
Onchain Lens puts the total near $566M. Other trackers report different totals, so treat the exact figure as rough.
Yes, some of those bitcoins are from the same Bitfinex hack we covered yesterday. The story keeps going.
Now the key question: is this a sale?
- Coinbase Prime does both custody and trading. Moving coins there doesn't prove anything is being sold.
- The March 2025 executive order says bitcoin placed in the Strategic Bitcoin Reserve can't be sold. But forfeited coins can also be returned to victims, and other assets fall under a separate stockpile with different rules.
- No agency has explained these moves.
For context, tracked US government wallets still hold roughly 324,000 BTC, worth about $27.7B. A $72M transfer is small next to that, but in a week when BTC is already under pressure, markets notice every move.
Do you think the US is quietly selling seized coins, or just moving them to pay back victims?
Like and follow for on-chain moves explained without the panic.
#Bitcoin #OnChain