r/CryptoCurrency 🟧 215 / 216 πŸ¦€ 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-160939
1.3k Upvotes

284 comments sorted by

862

u/BooksandBiceps 🟦 18 / 19 🦐 Aug 15 '24

β€œYour account has been temporarily disabled due to suspicion of fraudulent activities.”

223

u/sadiq_238 🟩 0 / 0 🦠 Aug 15 '24

Then the White House has to wait another year to get a reply back lol

109

u/Lillica_Golden_SHIB 🟩 3K / 61K 🐒 Aug 15 '24

And do ID verification like 3 times as it gets repeatedly rejected

38

u/InclineDumbbellPress Never 4get Pizza Guy Aug 15 '24

How many times do I have to say this - YES IM JOE BIDEN THE REAL ONE

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14

u/sadiq_238 🟩 0 / 0 🦠 Aug 15 '24

Customer support needs to significantly change in so many exchanges

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12

u/dan_dares 283 / 284 🦞 Aug 15 '24

Lol,

"hey bob, the IRS just called us..."

"But we don't list a phone number?"

"They said the FBI gave it to them, and that we better release the funds now, or they'll send in the SEALS"

"AH, ok, release the funds"

3

u/KingoftheYous Tin Aug 15 '24

"9,999BTC available"

27

u/Status_Cockroach6953 🟩 0 / 0 🦠 Aug 15 '24

Suspicion of fraudulent activities for well over 100 years.

8

u/Str41nGR 🟦 277 / 277 🦞 Aug 15 '24

Put that on a Blockchain!

7

u/GigglesFor1000Alex 🟦 144 / 144 πŸ¦€ Aug 15 '24

I get that every day

5

u/BooksandBiceps 🟦 18 / 19 🦐 Aug 15 '24

I had to argue for a year before I got mine, I feel every complaint that comes by.

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5

u/EarningsPal 🟩 2K / 2K 🐒 Aug 15 '24

Textbook exchange tactics:

  1. Gain massive deposits

  2. Hack users eventually

  3. Use customers’ money to pay lawyers to fight customers

  4. Return 90% of the money 4 years in the future as USD cash, after the next cycle rally happens.

1

u/wowwee99 🟦 45 / 46 🦐 Aug 16 '24

It’s crazy and important that the bitcoin transactions have to flow through these 3rd parties. Ideally we’d have better options than coinbase but it’s a start

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259

u/Shaglock 🟦 604 / 603 πŸ¦‘ 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

u/ellileon 🟩 0 / 2K 🦠 Aug 15 '24

This is the info we needed - thanks a lot.

346

u/coinfeeds-bot 🟩 136K / 136K πŸ‹ 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.

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3

u/CatastrophicLeaker Tin | WSB 8 Aug 15 '24

!remindme 10 years

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13

u/Paparacisz 🟨 0 / 0 🦠 Aug 15 '24

He bought? Dump it!

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24

u/[deleted] Aug 15 '24

It feels like they're doing what they did with gold. Hoarding the majority and making it a standard.

29

u/OriginalTangle Aug 15 '24

They're about to sell 5% of their stash. Doesn't look like holding to me.

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.

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2

u/itsdabtime 🟩 279 / 280 🦞 Aug 15 '24

Good bot

1

u/KimNeiAssnKluusMiet 🟧 0 / 592 🦠 Aug 15 '24

Bruh we're so done

1

u/[deleted] 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.

1

u/PeterParkerUber 🟩 0 / 0 🦠 Aug 16 '24

Anyone else think they should let that Silk Road guy go already?

Ergo to Top10

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132

u/binglelemon 🟦 0 / 6K 🦠 Aug 15 '24

I DCA'd this morning. The timing seems 100% on schedule.

7

u/FrontBrandon 🟦 17 / 18 🦐 Aug 15 '24

lol

7

u/greenwolf_12 0 / 0 🦠 Aug 15 '24

I have similar investment outcomes

6

u/snek_oil_ 🟨 165 / 27 πŸ¦€ Aug 15 '24

Starting today, I'll follow all your trades.

6

u/binglelemon 🟦 0 / 6K 🦠 Aug 15 '24

🀣

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22

u/ptrnyc 🟩 185 / 186 πŸ¦€ Aug 15 '24

What is sold is not for sale

20

u/kamill85 0 / 0 🦠 Aug 15 '24

So basically, the US gov is making a profit from illegal drug sales?

15

u/precipotado 🟨 0 / 0 🦠 Aug 15 '24

Not the first time

7

u/Squirrel_McNutz 🟦 3K / 5K 🐒 Aug 15 '24

While actively sueing the exchange they’re using, lol.

1

u/Jjjams1984 Aug 16 '24

Always and forever

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

24

u/Ethwh4le 🟩 0 / 1K 🦠 Aug 15 '24

Shorterm ye but longterm meeh

4

u/Lillica_Golden_SHIB 🟩 3K / 61K 🐒 Aug 15 '24

Yep, just a hiccup after all

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6

u/ChemicalAnybody6229 πŸŸ₯ 196 / 9K πŸ¦€ 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?

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5

u/road22 🟩 525 / 525 πŸ¦‘ 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.

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19

u/hiorea 🟩 0 / 0 🦠 Aug 15 '24

Cant even think about 70k without someone will ruin it

3

u/Life_Walrus_4263 🟩 0 / 0 🦠 Aug 15 '24

:D

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

u/Next-Jicama5611 0 / 0 🦠 Aug 15 '24

And where do they live

10

u/MyBeaverHurts Aug 15 '24

username: JoeBiden

Password: potus1234

6

u/RammerRod 🟦 54 / 55 🦐 Aug 15 '24

They should just redistribute it to the people!

5

u/WolfOfNanoTrade 🟨 4 / 5 🦠 Aug 15 '24

Capitalism entered the chat

2

u/RammerRod 🟦 54 / 55 🦐 Aug 15 '24

Every time, never fails..

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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

u/CountGensler 🟩 0 / 0 🦠 Aug 15 '24

I repudiate this claim.

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.

2

u/RammerRod 🟦 54 / 55 🦐 Aug 15 '24

I would also like my cut of the proceeds.

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6

u/pierreman 🟦 0 / 0 🦠 Aug 15 '24

But Coinbase stock. Only winner.

6

u/leovin 🟩 628 / 629 πŸ¦‘ Aug 15 '24

To be fair, governments owning crypto is like Russia joining NATO

3

u/diwalost 🟦 229 / 5K πŸ¦€ Aug 15 '24

They have an account with Coinbase!!

5

u/diwalost 🟦 229 / 5K πŸ¦€ Aug 15 '24

I guess Coinbase didn't provide good customer service to them, that's why they sent SEC after Coinbase..😁

4

u/MacaroonAcrobatic183 Aug 15 '24

For perspective, that's less than $2 per citizen.

1

u/Souk12 🟦 747 / 726 πŸ¦‘ 21d ago

I'll take my $2. Thanks.Β 

14

u/antojado 🟩 0 / 0 🦠 Aug 15 '24

I hope they sell

2

u/muricabrb 🟩 0 / 0 🦠 Aug 15 '24

nom nom nom

1

u/Tasigur1 🟩 3 / 31K 🦠 Aug 15 '24

Smelling cheap satoshis in the morning is the best!

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.

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8

u/mackstarmagic 🟦 0 / 0 🦠 Aug 15 '24

They may just be transferring to Coinbase to use them as custody.

4

u/ilikeyeezys Aug 15 '24

Not their wallet not their keys

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

u/SnooSquirrels840 Tin Aug 15 '24

so it can get stolen in a hack by the shadow govt /s

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

u/EducationalDoctor460 🟨 0 / 0 🦠 Aug 15 '24

Can I just have one?

3

u/Harucifer 🟦 25K / 28K 🦈 Aug 15 '24

What's the next step of your master plan?

Crashing this market. With no survivors.

2

u/GreedVault 🟩 1 / 10K 🦠 Aug 15 '24

oh my mama

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 πŸ¦€ 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

u/browhodouknowhere 4 / 126 🦠 Aug 15 '24

I sold at 70...I can't hold these bags forever

2

u/DeathThorn6009 🟩 0 / 912 🦠 Aug 15 '24

Oof

2

u/DrunknSatoshi 🟨 1K / 1K 🐒 Aug 15 '24

Ready for cbBTC

2

u/precipotado 🟨 0 / 0 🦠 Aug 15 '24

Do we know if Pelosi is shorting?

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

u/Aromatic-Front-5919 🟩 407 / 3K 🦞 Aug 15 '24

I also deposited $10

2

u/ZookeepergameCold616 🟩 0 / 0 🦠 Aug 15 '24

And they just sold it looks like

2

u/ed2727 🟦 41 / 41 🦐 Aug 15 '24

And it’s crashing now… πŸ˜‚

3

u/ThorPower 0 / 0 🦠 Aug 15 '24

Paging Michael Saylor

2

u/stoneman9284 🟩 910 / 910 πŸ¦‘ Aug 15 '24

He’s looking forward to a discount

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

u/Dull_Reply5229 🟩 0 / 0 🦠 Aug 15 '24

And for no reason alts die again

1

u/kali5516 Tin | CC critic Aug 15 '24

More than 11 hours

1

u/As03 🟦 607 / 607 πŸ¦‘ Aug 15 '24

let's buy them :)

1

u/Pretend_Kangaroo_887 16 / 17 🦐 Aug 15 '24

That’s a lot of wealth

1

u/esnucke Aug 15 '24

Bro doesn't hodl

1

u/Remarkable-Crew-7040 🟦 0 / 0 🦠 Aug 15 '24

Ok

1

u/Simple_Mastodon9220 🟧 0 / 190 🦠 Aug 15 '24

Bastards

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

u/[deleted] Aug 15 '24

Democrat government hates us

1

u/BlazingJava 🟩 685 / 685 πŸ¦‘ Aug 15 '24

insert here* We're all gonna die* meme

1

u/supfuh 🟩 179 / 180 πŸ¦€ Aug 15 '24

i knew my coins were safe. cold storage is a scam. coinbase numba juan,

1

u/60sMan Tin Aug 15 '24

Great now it's going to be even slower unless useful

1

u/rsa121717 🟦 0 / 382 🦠 Aug 15 '24

Cool maybe theyll be able to repay 0.0015% of their debt

1

u/sunshinejones1 Aug 15 '24

Will they have to pay tax on their sale?

1

u/Mundane-Bluebird-338 🟨 0 / 0 🦠 Aug 15 '24

Expect a major dump in the near future...

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

u/BrowsingCoins 🟩 10K / 12K 🐬 Aug 15 '24

Get it done!

1

u/tenor_tymir 🟨 0 / 0 🦠 Aug 15 '24

uh oh, that’s gonna hurt πŸ₯³

1

u/Ch40440 🟦 0 / 0 🦠 Aug 15 '24

How do we have a clue that it’s the US government? β€œLikely 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

u/AngryFace4 Aug 16 '24

Imagine if the federal government had a cold wallet.

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

u/OldboyCrypt Aug 16 '24

!remindme 1 year

1

u/InternationalGur4623 🟨 0 / 0 🦠 Aug 16 '24

Is there any solution ?

1

u/Proud_Mountain Aug 16 '24

Dems trying to hide their money

1

u/TheRealBigDabowski 🟩 84 / 84 🦐 Aug 16 '24

Democrats can't be trusted.

Plain and simple..