US government moves $600m Silk Road bitcoin to Coinbase Prime, raising speculation about intentions.

The US government moved $600m worth of seized Silk Road bitcoin to Coinbase Prime, an institutional platform, raising speculation about their intentions. While deposits to an exchange usually signify selling assets, custody purposes could be the motive. The US Marshals Service, a division of the Department of Justice, partnered with Coinbase Prime last month to safeguard and trade large-cap digital assets.

August 14, 2024
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