U.S. Government Transfers Seized Bitcoin Worth $4 Million to Coinbase

The post U.S. Government Transfers Seized Bitcoin Worth $4 Million to Coinbase appeared first on Coinpedia Fintech News

According to data tracked by Arkham Intelligence, the U.S. government transferred 58.742 bitcoin (BTC), worth nearly $4 million, to Coinbase on Monday. This part of the transferred BTC came from funds seized from dark web drug dealer Ryan Farace. The U.S. Department of Justice confiscated 2,933 BTC from the Farace family. The U.S. Government currently holds 213.239K BTC, worth about $14.397 billion. The movement of funds, though it has left the Ryan Farace account empty, has had no real impact on the spot price of BTC.