UToday • October 7th 2026, 9:11 PM
US Government Moves Half a Billion Worth of Crypto in Just Few Hours
Key Summary
Blockchain analytics platform Onchain Lens reported that the US government has transferred $565.87 million in seized crypto to Coinbase Prime in a few hours, with most recent transactions linked to FTX and Alameda Research. The government has also moved other assets, including Bitcoin related to the 2016 Bitfinex hack. The transfers may be related to management and custody, with the US government keeping the intended purpose under wraps.
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Background
The US government has transferred a significant amount of seized cryptocurrency to Coinbase Prime, according to Onchain Lens. The total value of the assets transferred is approximately $565.87 million, with the majority coming from seized FTX and Alameda Research-related assets.Recent Transactions
Onchain Lens reported that the government has made several recent transactions, including the transfer of 94.15 million Tether (USDT) and 94,000 Bitcoin (BTC) related to the 2016 Bitfinex hack. The blockchain analytics platform described these transactions as coming from seized funds related to FTX and Alameda Research.Context
The 2016 Bitfinex hack resulted in the theft of approximately 119,754 BTC, which was later recovered by US authorities after obtaining access to the private keys of hacker Ilya Lichtenstein. The seizure was worth around $3.6 billion in 2022.Implications
The transfer of these assets to Coinbase Prime does not necessarily mean they will be sold soon. The US government has partnered with Coinbase Prime to offer custody and advanced trading for its big-cap digital assets portfolio. Sometimes, government transfers to Coinbase Prime may be related to management and custody. The US government has not disclosed the intended purpose of these particular transactions.#US#Crypto#SEC#USDT#Bitcoin#Bitfinex#FTX