Government transfers forfeited crypto assets from criminal cases to a regulated institutional platform, signaling a shift away from traditional public auctions
The US government on Monday deposited about $288 million worth of confiscated Bitcoin and Ether onto Coinbase Prime, according to Arkham Intelligence data.
The transferred assets are linked to three separate enforcement cases involving Brian Krewson, convicted darknet drug trafficker Ryan Farace, and the now-defunct crypto exchange BTC-e.
Krewson, a former Oracle employee known outside work as the performer “Mr. Poto,” came under Justice Department scrutiny over allegations that he helped safeguard millions of dollars in crypto connected to convicted cocaine traffickers. He has not been charged with a crime.
Although moving funds to Coinbase Prime often raises expectations of a possible sale, these transfers alone could simply be an administrative transfer, and do not indicate the government intends to sell the crypto assets.
The government-labeled wallets currently hold 324,551 Bitcoin worth over $20 billion at current market prices.
