US Government Sends $297M in Seized Crypto Assets to Coinbase Prime

The US government has transferred approximately $297 million in seized cryptocurrency assets to Coinbase Prime. On July 13, 3,940 Bitcoin (BTC) and 30,014 Ethereum (ETH) were sent to the exchange.

The funds are linked to several high-profile seizures, including Bitcoin from Silk Road darknet dealer Ryan Farace and defunct BTC exchange, as well as Ether tied to former Oracle employee Brian Krewson, charged with facilitating $54 million in money laundering.

Although this transfer drew attention due to the potential contradiction with President Trump's March 2025 executive order requiring seized Bitcoin to be deposited into the Strategic Bitcoin Reserve and not sold, it does not confirm a sale. Coinbase Prime offers custody, trading, financing, and staking services to institutional clients.

The US government still holds about $20.65 billion in crypto assets, including 324,552 BTC, 28,394 ETH, and 145.5 million USDT, making it one of the world's largest holders of seized cryptocurrency.