Wallets believed to be linked to the U.S. government transferred nearly $289 million in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) to Coinbase, on-chain analytics platform Arkham reported on Monday.
Seized Bitcoin, Ethereum Moves Arkham's data on X revealed a transfer of 2,875 BTC, worth nearly $178 million, to an unidentified address, which later forwarded the funds to a Coinbase Prime deposit address.
The funds were seized from Ryan Farace, a convicted dark web drug trafficker who used Bitcoin in his criminal operations.
In a similar development, an address containing Bitcoin seized from the defunct cryptocurrency exchange BTC-e moved $57.27 million in BTC.
Another wallet linked to Brian Krewson, the Oracle employee convicted of laundering millions in cryptocurrency for convicted drug traffickers, directly moved 30,000 ETH, worth $53 million, to Coinbase Prime.
