- The US authorities transferred 2.44 BTC price $177,000 from the funds seized by Glenn Olivio to Coinbase.
- The funds had been related to a steroid distribution case involving Olivio and co-conspirator Dana Wright.
- Treasury Secretary Bessent beforehand confirmed that every one seized Bitcoin gross sales have been halted.
The U.S. authorities transferred 2.44 bitcoins price about $177,000 to a Coinbase Prime handle this week, and on-chain information linked the funds to a pockets labeled as property seized in a case involving suspected steroid distribution.
The transfers had been made in two separate transactions from addresses recognized by Arkham Intelligence because the U.S. authorities: “Glenn Olivio Seized Funds” refers to Glenn Bradford Olivio, who was arrested in Could 2025 together with co-conspirator Dana Rene Wright.
Based on Cryptorank, each males are charged with conspiracy to distribute anabolic steroids, conspiracy to commit cash laundering, aggravated id theft, and two counts of drug possession. The federal government included a discover of forfeiture within the unique indictment, which is customary process when seizing digital forex associated to alleged felony exercise.
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The switch itself is small regardless of the way you take a look at it. Bitcoin’s present value is round $72,500, barely registering a change of two.44 BTC. Observers on social media referred to the sum with dry humor as “authorities for ants.”
However the vacation spot raised eyebrows. Coinbase Prime is the institutional arm of the trade and is utilized by the U.S. Marshals Service for custody, asset administration, and in some circumstances liquidation. It’s not but clear whether or not this switch represents a routine asset consolidation or preparation for a sale.
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That query is extra essential now than ever. In January, Treasury Secretary Scott Bessent formally confirmed that the federal government would halt all gross sales of seized bitcoins and as a substitute add them to the Strategic Bitcoin Reserve to be established by govt order in 2025. Any transfer towards liquidation could be inconsistent with its said coverage.
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This isn’t the primary time a government-linked pockets has seized Bitcoin in latest months. Related transfers have additionally been recorded from funds linked to pardoned Silk Street founder Ross Ulbricht and Cheng Zhi, a Cambodian man accused of involvement within the fraud scheme. Earlier this yr, a small switch of 0.33 BTC linked to a pockets labeled “Miguel Villanueva Seized Funds” was additionally recorded.
The US authorities at present holds roughly 328,000 Bitcoins price greater than $22 billion, making it one of many world’s largest single-asset holders. How these held property are managed, saved, and in the end disposed of is a matter that the digital forex market is carefully watching.
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