Prime

Mastermind

Billion

TRUST

<ul>
 <li>The US Department of Justice has seized Bitcoin (BTC) from a dark web drug dealer.</li>
 <li>Coinbase Prime receives 58.742 BTC worth $3.96 million.</li>
 <li>Grayscale sent ETH worth $1.01 billion to Coinbase Prime.</li>
</ul>
<p>The crypto community has come a long way since its creation. Since then we say how tepidly the technology was adopted. When it was still in its early stages many unsavory actors siphoned funds for their own pleasure. Now with jurisdiction, many governments are aware of how to handle such situations.</p>
<p>To showcase the work of these governments, the US government displays a great win for them today. In detail, the US Government has just transferred 58.742 BTC worth $3.96 million to Coinbase Prime Deposit at 1:59 UTC+8 today.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The U.S. Government transferred 58.742 BTC to Coinbase Prime Deposit at 1:59 UTC+8 today, worth about $3.96 million. 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…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1815568124361761131?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>To highlight, part of these transferred funds come from seized BTC taken from the dark web drug dealer Ryan Farace. In particular, the <a href="https://platform.arkhamintelligence.com/explorer/address/3B2jEBZi8fJWGEDrh6Pe7hDMaJ6iGfFtaU" target="_blank" rel="noopener noreferrer nofollow">US Department of Justice</a> confiscated 2,933 BTC from the Farace family. So far, the US Government still holds a total of 213, 239,000 BTC which amounts up to about $14,397,000,000.</p>
<p>Meanwhile, <a href="https://cryptonewsland.com/grayscales-new-eth-etf-move-is-ethereum-eth-stakings-exclusion-a-sign-of-regulatory-trends/" target="_blank" rel="noopener noreferrer nofollow">Coinbase Prime</a> is having a good day seeing funds pour in via Bitcoin (BTC) and Ethereum (ETH). While 58.742 BTC has come directly from the US Government’s seized BTC funds from Ryan Farace, ETH funds have flown in from another trusted source.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">BREAKING: <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Grayscale</a> ETHEREUM TRUST SENDS $1.01 BILLION WORTH OF <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> TO <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@coinbase</a> PRIME <a href="https://t.co/QJeTqcMWxD" rel="noopener noreferrer nofollow">pic.twitter.com/QJeTqcMWxD</a></p>— DEGEN NEWS (@DegenerateNews) <a href="https://twitter.com/DegenerateNews/status/1815502395540967675?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Specifically, the financial institution, Grayscale, has just sent $1.01 billion worth of ETH to Coinbase Prime from the <a href="https://platform.arkhamintelligence.com/explorer/address/0x27d1ec44964fB7554844090b02c7C81aa01F20E6" target="_blank" rel="noopener noreferrer nofollow">Grayscale Ethereum Trust</a>. This marks Grayscale’s Coinbase Prime Deposit, which supports the mission of Coinbase Prime to boost institutional crypto investing.&nbsp;</p>
<p>Ultimately, with the <a href="https://cryptonewsland.com/grayscales-new-eth-etf-move-is-ethereum-eth-stakings-exclusion-a-sign-of-regulatory-trends/" target="_blank" rel="noopener noreferrer nofollow">ETH ETF launch</a> upon the crypto market, it seems that Grayscale is just getting started. While most analysts expect ETH price to shoot up following the ETH ETF launch, some expect a dip in ETH price before the bullish wave.&nbsp;</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/rfk-jr-makes-public-the-reasons-behind-doj-dropping-sbf-charges/" rel="noopener noreferrer nofollow">RFK Jr Makes Public the Reasons Behind DoJ Dropping SBF Charges</a></li>
 <li><a href="https://cryptonewsland.com/report-doj-and-sec-investigating-dcg-crypto-conglomerate/" rel="noopener noreferrer nofollow">Report: DOJ and SEC Investigating DCG Crypto Conglomerate</a></li>
 <li><a href="https://cryptonewsland.com/binance-compliance-fra-to-lead-monitoring-efforts/" rel="noopener noreferrer nofollow">Binance Compliance: FRA to Lead Monitoring Efforts</a></li>
 <li><a href="https://cryptonewsland.com/doj-seizes-130m-from-botnet-mastermind-yunhe-wang/" rel="noopener noreferrer nofollow">DOJ Seizes $130M from Botnet Mastermind Yunhe Wang</a></li>
 <li><a href="https://cryptonewsland.com/senators-lummis-and-wyden-criticize-bidens-approach-to-bitcoin-software-regulations/" rel="noopener noreferrer nofollow">Senators Lummis and Wyden Criticize Biden’s Approach to Bitcoin Software Regulations</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/coinbase-prime-receives-btc-and-eth/" rel="noopener noreferrer nofollow">Coinbase Prime Receives BTC Worth $3.96M and ETH worth $1.01 Billion From the US DOJ and Grayscale</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Coinbase Prime Receives BTC Worth $3.96M and ETH worth $1.01 Billion From the US DOJ and Grayscale

Crypto News Land

Other articles published on Jul 23, 2024

This English Football Club is Making a Bold Bet on Bitcoin!

Elon Musk Maintains Tesla’s Bitcoin Holdings

Top Crypto to Invest In: Moonhop Presale Hits $995K; XRP Volume and Avalanche (AVAX) Predictions ...

Spanish Banking Giant Unicaja Invests In Bit2Me Crypto Exchange

Maga Hat Loses Its Grip On The Investors As MoonBag Presale Shines

XRP Whales Scoop Up $84M in Tokens, Signaling Potential Breakout

Join our free newsletter for daily crypto updates!