US Government Transfers $1.9B Bitcoin Seized from Silk Road to Coinbase

Blockchain records reveal that the US government recently moved over $1.9 billion worth of Bitcoin, seized from the Silk Road marketplace, to a Coinbase Prime wallet.

On December 2, data from blockchain analytics firm Arkham Intelligence showed that a wallet linked to the US government transferred around 19,800 Bitcoin — valued at $1.9 billion at the time — to a Coinbase Prime deposit address. These Bitcoins were originally seized during a 2021 investigation into James Zhong, who was convicted of wire fraud in connection with the Silk Road marketplace.