US Government Transfers Ethereum to Coinbase Prime
On July 7, a wallet controlled by the US government sent approximately $10 worth of Ethereum (ETH) to Coinbase Prime, as reported by Arkham Intelligence. Following this, another transaction occurred where $200,000 worth of ETH was transferred to the exchange.
According to on-chain data, authorities currently hold about 60,000 ETH in their crypto wallet.
Details of the Transaction
The transaction was flagged by Arkham as coming from a wallet labeled “US Government: FBI,” which previously seized ETH from NFT scammer Chase Senecal in October 2022. Since the seizure, this address had been dormant.
While the exact motive is unclear, this activity seemed to serve as a test transaction, often used before significant fund movements, which may include liquidations, custody transfers, or internal accounting adjustments.
At the time of this report, Ethereum was trading around $2,500 according to TradingView, experiencing a brief decline following this wallet activity.
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