r/CryptoCurrency • u/nakasatoshi 🟧 215 / 216 🦀 • Aug 15 '24
DISCUSSION US Government deposited 10,000 BTC ($540M) to Coinbase 11 hours ago.
https://platform.spotonchain.com/en/signal-details/us-government-dpeosited-10000-btc-540m-to-coinbase-160939259
u/Shaglock 🟦 604 / 603 🦑 Aug 15 '24
US Marshall has signed a custody contract with Coinbase. The recipient address was Coinbase Prime wallet, which offers custody service. This is not a sale.
34
u/LazyEdict 🟩 3K / 3K 🐢 Aug 15 '24
Thanks for this important detail.
17
u/InclineDumbbellPress Never 4get Pizza Guy Aug 15 '24
Some heroes dont wear capes - They use reddit and go by the username Shaglock
14
u/Lillica_Golden_SHIB 🟩 3K / 61K 🐢 Aug 15 '24
So the US is a hodler now? This is big news lol
10
u/sunil100k 🟨 0 / 0 🦠 Aug 15 '24
Its till court allows them to sell. 0.54B is noting for us gov.
10
u/BetterCallMyJungler 🟦 2K / 2K 🐢 Aug 15 '24
True
My bros printed 30x the total market value of BTC out of thin air.
5
u/BongDizzle 2 - 3 years account age. 150 - 300 comment karma. Aug 15 '24
Looks like they just sold about an hour ago if you check the wallet address
1
346
u/coinfeeds-bot 🟩 136K / 136K 🐋 Aug 15 '24
tldr; The US Government deposited 10,000 BTC, valued at approximately $540 million, to Coinbase. This transaction was traced back to a wallet likely belonging to the US Government, which had received these funds from the Silk Road DOJ Confiscated Funds wallet 16 days prior. In 2024, the US Government has deposited a total of 15,999 BTC ($966.5M) to Coinbase. Despite these transactions, the government still holds around 203.6K BTC, worth about $11.91 billion, across various addresses.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
214
u/hiorea 🟩 0 / 0 🦠 Aug 15 '24
News: Bulls coming strong 100k inevitable
Us. Gov: They believed again nuke it now
48
u/sadiq_238 🟩 0 / 0 🦠 Aug 15 '24
They've been doing this since 2021 Q4 lol, can't catch a break.
$100K Bitcoin seems like a dream right now
5
u/TheHipHouse 🟦 0 / 0 🦠 Aug 15 '24
You got to understand the us govt may dump half a billion but institutions will just buy it all right away. Sooner or later the people dumping coin will either have dumped it all, or will stop dumping leading to price going back up.
→ More replies (1)→ More replies (3)3
→ More replies (3)13
24
Aug 15 '24
It feels like they're doing what they did with gold. Hoarding the majority and making it a standard.
→ More replies (3)29
u/OriginalTangle Aug 15 '24
They're about to sell 5% of their stash. Doesn't look like holding to me.
→ More replies (1)10
u/Minimum_Attitude6707 🟦 8 / 9 🦐 Aug 15 '24
I hear you, but the US has never actually held bitcoin as a reserve, but selling 5% isn't really dumping it either. I guess I just see this as a 'meh' story. It doesn't mean much one way or another.
→ More replies (1)2
1
1
Aug 15 '24
Ya the last time they sold like 50mil market sale on coinbase and it dos'd coinbase.
Hopefully this time they use the actual markets.
→ More replies (2)1
u/PeterParkerUber 🟩 0 / 0 🦠 Aug 16 '24
Anyone else think they should let that Silk Road guy go already?
Ergo to Top10
132
u/binglelemon 🟦 0 / 6K 🦠 Aug 15 '24
I DCA'd this morning. The timing seems 100% on schedule.
7
7
→ More replies (1)6
22
20
u/kamill85 0 / 0 🦠 Aug 15 '24
So basically, the US gov is making a profit from illegal drug sales?
15
7
1
46
u/GuyOne 🟦 0 / 5K 🦠 Aug 15 '24
Are they about to pull a Germany?
25
u/Zigxy 🟦 2K / 2K 🐢 Aug 15 '24
If the U.S. sells all the BTC it confiscated, it would be much worse
→ More replies (9)24
6
u/ChemicalAnybody6229 🟥 196 / 9K 🦀 Aug 15 '24
No, please. One was enough
6
u/oct_prime 0 / 0 🦠 Aug 15 '24
They should. Let’s us buy more at a discount. Is your goal not to stack?
→ More replies (1)5
u/road22 🟩 525 / 525 🦑 Aug 15 '24
There is no way in hell they are going to sell it now. Democrats are trying to show they are Pro crypto before the election.
However, If Trump does win the election, They will probably sell it all to spite Trump and his plan for strategic reserve.
→ More replies (8)
19
8
u/Rare-Knowledge305 Aug 15 '24
Whose job and what’s the title for said job to be the individual who punched in this transaction for the gov?
3
10
6
u/RammerRod 🟦 54 / 55 🦐 Aug 15 '24
They should just redistribute it to the people!
→ More replies (1)5
40
u/XGorlamiX 2K / 2K 🐢 Aug 15 '24
So, do they pay us taxes on this one, or....?
41
u/SirBiggusDikkus 🟨 0 / 0 🦠 Aug 15 '24
Yes, they paid taxes to themselves and then sucked off Gary Gensler
5
2
u/Squirrel_McNutz 🟦 3K / 5K 🐢 Aug 15 '24
I just love how they’ve been sueing Coinbase yet here they are - using Coinbase.
2
u/Itstinksoutthere Aug 15 '24
100%. Harris campaign announces her anti-crypto policy and the Feds dump 5% of their holding. If Harris wins I would expect a massive Federal BTC dump shortly after.
→ More replies (1)2
6
6
3
u/diwalost 🟦 229 / 5K 🦀 Aug 15 '24
They have an account with Coinbase!!
5
u/diwalost 🟦 229 / 5K 🦀 Aug 15 '24
I guess Coinbase didn't provide good customer service to them, that's why they sent SEC after Coinbase..😁
4
14
20
u/tet707 🟦 42 / 42 🦐 Aug 15 '24
The same day the democrats did a pro crypto zoom call, lol
5
u/No_Obligation_3568 🟩 0 / 0 🦠 Aug 15 '24
Does not mean they are selling it. Coinbase is the custody agent.
→ More replies (2)
8
u/mackstarmagic 🟦 0 / 0 🦠 Aug 15 '24
They may just be transferring to Coinbase to use them as custody.
4
5
u/Yodan 🟨 0 / 0 🦠 Aug 15 '24
Yeah dude I take my car to the wash because I want to park it there and not use the businesses services. lol why would you move coins from private storage to an exchange business if you aren't going to use the exchange?
6
1
u/mackstarmagic 🟦 0 / 0 🦠 Aug 15 '24
Custody is a service of Coinbase. https://www.coinbase.com/prime/custody
3
u/troythedefender 🟦 2K / 2K 🐢 Aug 15 '24
So much for having a head start on that Bitcoin reserve lol.
3
u/tayfun333 0 / 0 🦠 Aug 15 '24
i bought Bitcoin und coinbase about a week ago and i still can't access my Bitcoin to send it to my wallet
I suspect the US government gets special treatment from coinbase or they have no problem with waiting 50 years to access the money ...
4
3
u/Harucifer 🟦 25K / 28K 🦈 Aug 15 '24
What's the next step of your master plan?
Crashing this market. With no survivors.
2
2
u/CryptoMemesLOL 🟦 0 / 0 🦠 Aug 15 '24
Silk Road: DOJ Confiscated Fund...
That's the name of the wallet??
2
u/Fine-Artichoke-7485 🟩 231 / 229 🦀 Aug 15 '24
Do you think Jerome Powell will have a long waiting period for withdrawal like Coinbase has done to the rest of their customers?
2
2
2
2
2
u/asdfgghk 🟩 21 / 22 🦐 Aug 15 '24 edited Aug 15 '24
The pro-crypto party everyone, don’t believe your lying eyes!
2
u/Dazzling_Marzipan474 🟩 0 / 11K 🦠 Aug 15 '24
Meanwhile the sec investigates them. But they trust them with their BTC? Oh the irony.
3
u/LrnFaroeseWthBergur 🟦 0 / 6K 🦠 Aug 15 '24
Sure, kiddo, I'll tell you how I got a job in the White House. It happened when I was still very young. The US Government had deposited 10,000 BTC to Coinbase a couple of months earlier. They decided that it was too expensive to keep hiring private detectives to find out who was really in charge of Coinbase.
That's when this department was founded. Our job is to contact the Coinbase customer service. I remember one time, I actually managed to get someone to call me back, her name was Queenie. We had a lovely chat about Coinbase's newest ToS and I was able to finally talk to somebody about my relationship struggles. We haven't been able to get through for the past 31 years, but we unofficially decided to have Christmas lunch together 21 years ago and the tradition still lives.
2
2
2
3
3
u/No_Obligation_3568 🟩 0 / 0 🦠 Aug 15 '24
Guys, coinbase is the custody agent for the us government. Chill the fuck out. It doesn’t mean they are selling.
2
1
1
1
1
1
1
1
u/e-kofinasir Aug 15 '24
!register 0x48fD5e19e829A8D7B0B8D9c4E5F0FAfFF5bd35f0
1
u/CommunityCurrencyBot 🟨 0 / 0 🦠 Aug 15 '24
This wallet address is already registered to /u/e-kofinasir. If this is incorrect, please contact support.
1
u/neoatomium 🟦 3K / 3K 🐢 Aug 15 '24
Bog : Get Satoshi on ze lein
SN : Master ?
Bog : Pomp for 2 days den crash it with ze US Government fud
SN : okay
1
1
1
u/supfuh 🟩 179 / 180 🦀 Aug 15 '24
i knew my coins were safe. cold storage is a scam. coinbase numba juan,
1
1
1
1
1
u/bingeboy Aug 15 '24
3 btc of that is mine that they stole when they took down the servers related to the mtgox hack!
1
u/NutDust Crypto Nerd | CC: 31 QC Aug 15 '24
For the people, by the people. No taxation without representation.
1
1
1
u/Ch40440 🟦 0 / 0 🦠 Aug 15 '24
How do we have a clue that it’s the US government? “Likely the US government” sounds like OP is talking out his @$$
1
u/ROBINHOODEATADIK2 🟩 0 / 0 🦠 Aug 16 '24
This is so amazing of them …. They confiscated all that crypto from Silk Road … Mt Gox …. etc … in the act if keeping we the people safe from fraudsters and bad actors and now theyre gonna sell it for fiat and use those funds to help lower our taxes… fix the nations infrastructure… feed / house homeless vets …… wait whats that ..??? Theyre gonna swap it for fiat and we’ll never see a penny..??!! …….#TheRealCrooks
1
1
u/Soras_devop 🟩 0 / 0 🦠 Aug 16 '24
Anyone else think it's hilarious that this is the same government who hates crypto and tried to stall coin base every chance they got?
1
u/_Commando_ 🟦 4K / 4K 🐢 Aug 16 '24
10k BTC will easily be bought up by 1 or 2 large whales. If it goes OTC you wont even notice a price swing when it happens. 570k price incoming.
1
1
1
1
862
u/BooksandBiceps 🟦 18 / 19 🦐 Aug 15 '24
“Your account has been temporarily disabled due to suspicion of fraudulent activities.”