US moves $297M in seized Bitcoin, Ether to Coinbase Prime

The US government moved 3,940 Bitcoin (about $244 million) and 30,014 Ether (about $53 million), a combined value near $297 million, into Coinbase Prime on Monday, according to blockchain tracking data.

Blockchain intelligence firm Arkham recorded the transfers from wallets tied to prior law enforcement seizures.

Alex Thorn, head of research at Galaxy Research, identified the Bitcoin as assets seized from Ryan Farace, known online as ‘xanaxman,’ and from the defunct exchange BTC-e. The Ether has been linked to Brian Krewson, an Oracle employee accused in a $54 million crypto storage and money laundering scheme.

Coinbase Prime is the exchange’s institutional unit that provides custody, trading, financing and staking services. The deposits alone do not confirm whether the assets will be sold.

The transfers are among the larger movements from government-linked wallets so far this year. In June, a government-linked wallet moved 98,589 Chainlink tokens traced to assets seized from FTX and Alameda Research. In April, about 8.2 Bitcoin tied to the 2016 Bitfinex hack were sent to Coinbase Prime.

Government-linked wallets are estimated to still hold about $20.6 billion in crypto, including roughly 325,000 BTC, 28,000 ETH, 146 million USDT and 750 wrapped Bitcoin (WBTC).

A March 2025 White House executive order directed that Bitcoin seized by the US government be added to a Strategic Bitcoin Reserve and instructed that such assets should not be sold. The Coinbase Prime deposits do not indicate whether any sale has been or will be executed.

Law enforcement agencies routinely move seized assets as investigations and asset-management work continues. Market participants and analysts monitor custody transfers for signals about potential liquidation or other asset actions.