The U.S. government conducted a high-profile bitcoin transfer on Monday, moving nearly 58,742 bitcoins (worth about $4 million) from a government-controlled wallet to the cryptocurrency exchange Coinbase.
There are reports that the US government will transfer confiscated Bitcoin to Coinbase, which may be another government preparation for Bitcoin liquidation after the German state of Saxony.
Amount of assets involved and review of events
The funds for this transfer are believed to have originated from the case of Ryan Farace, a Maryland resident who was convicted in 2018 for illegally selling Alprazolam, a drug similar to Xanax, on the dark web.