US govt moves $200K in Ethereum to Coinbase after test transaction

Over 60,000 ETH sit in the authorities’ custody, on-chain data reveals.

A wallet controlled by the US government just sent around $10 worth of Ethereum (ETH) to Coinbase Prime on July 7, according to data tracked by Arkham Intelligence. The government then transferred another $200,000 worth of ETH to the exchange.

Authorities currently hold approximately 60,000 ETH in their crypto wallet, according to on-chain data.

US government moves another $200K in ETH

Arkham flagged the transaction as originating from a wallet labeled “US Government: FBI,” which holds ETH seized from NFT scammer Chase Senecal in October 2022. The address has remained dormant since the seizure.

ARKHAM ALERT: THE US GOVERNMENT JUST DEPOSITED ETH TO COINBASE

A US Government wallet just made a test transaction of $10 to a Coinbase Prime deposit.

This wallet holds $100K ETH, originally seized from Chase Senecal in October 2022. pic.twitter.com/NkLgFcBPZ6

— Arkham (@arkham) July 7, 2025

While the motive is unconfirmed, the activity appeared to be a test transaction, which is commonly used ahead of major fund movements such as liquidations, custody transfers, or internal accounting.

Ethereum was hovering around $2,500 at the time of reporting, per TradingView. The second-largest digital asset saw a brief decline following wallet activity.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.