The U.S. government moved $12.36 million in ether, USDC and USDT out of a Bitfinex hack seizure wallet on Tuesday, July 14, sending the funds to Coinbase Prime and one unlabeled address, according to Arkham Intelligence data.
Key Takeaways
The U.S. government sent $12.36 million in ETH, USDC and USDT via six transactions on July 14.Coinbase Prime received the ETH and USDT legs, while USDC went to an unlabeled address Arkham hasn’t tagged.The transfer equals about 0.06% of the government’s $21.22 billion tracked crypto portfolio.Each asset moved twice to its destination: once as a token amount of $10 or $11, then as the full sum. That pattern held across all three assets and both destinations, pointing to a deliberate operating procedure rather than isolated transfers.
Two Destinations, Two Likely PurposesCoinbase Prime is an institutional custody and trading platform. Deposits there typically come before either a sale or a shift into custodial storage, since Prime serves as the standard on-ramp exchanges use for large trades on behalf of institutional clients.
The USDC transfer broke from that pattern. Rather than routing to Coinbase, it went to the unlabeled address, which Arkham has not yet identified. That could mean a transfer to another government custody account, a different exchange not yet tagged in Arkham’s system, or an intermediary wallet.
A Small Fraction of a Much Larger Stack What the Portfolio Holds
