US Government Moves $288M in Seized Crypto to Coinbase Prime
The U.S. government moved about $288 million in seized crypto to Coinbase Prime, including roughly 3,800 BTC worth $235 million and 30,000 ETH worth $53 million. The Bitcoin came from cases involving Ryan Farace and BTC-e, routed through intermediary wallets before deposit; the Ethereum was tied to a money-laundering case involving Brian Krewson. The transfers sparked speculation about a possible sale, since large holders usually keep assets in cold storage. But Coinbase Prime was chosen in 2024 to custody and trade forfeited digital assets, so the move could also reflect consolidation into managed custody. The Bitcoin is not part of the Strategic Bitcoin Reserve because it came from active criminal cases, while Ethereum is governed separately under the Digital Asset Stockpile and faces fewer disposal restrictions. The government still holds about $20.6 billion in crypto overall.
