The US government moved about $470 million in seized crypto to likely Coinbase Prime addresses, according to Arkham, reviving questions over potential asset sales.

On Oct. 7, blockchain analytics firm Arkham Intelligence said the transfers included Bitcoin, wrapped Bitcoin and USDT.

Arkham linked the transferred assets to seizures involving the 2016 Bitfinex hack and Alameda Research, the trading firm previously controlled by FTX founder Sam Bankman-Fried.

While we obviously can't say the Bitcoin is being sold, it is one plausible outcome. It's probably just as likely they are performing internal wallet hygiene or administrative work.

Still, the destination puts the transaction under greater scrutiny after the Trump administration pledged to retain Bitcoin placed in the US Strategic Bitcoin Reserve and federal officials earlier this year rejected claims that seized coins had been quietly sold.

The latest movement lands nine months after the US Marshals Service pushed back against reports that Washington had disposed of Bitcoin surrendered in the Samourai Wallet criminal case.

Bitcoin Magazine reported in January that roughly $6.3 million of Bitcoin paid to the Justice Department as part of guilty pleas appeared to have been sold. Sen. Cynthia Lummis, one of Congress’ most prominent Bitcoin advocates, responded by questioning why the government would liquidate the asset after President Donald Trump had directed officials to preserve Bitcoin for the national reserve.

But the Marshals Service told DL News it had not sold those BTC, while adding that its crypto liquidations pass through a multi-level approval process before forfeited assets can be disposed of.

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