Analysis: US Government Moves 10k BTC to Institutional Custody

IconCryptoNewsTerminal Staff29 Jul, 2024

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Analysis: US Government Moves 10k BTC to Institutional Custody

US Government Transfers 10k BTC to Institutional Custody In a recent move, the US government transferred 10,000 Bitcoin (BTC) to an institutional custody service. This transaction follows the government's previous transfer of 29,800 BTC, which had been seized from the Silk Road darknet marketplace. Blockchain analytics firm Arkham Intelligence tracked the movement of the BTC, which was initially moved to an unknown address. However, subsequent transactions revealed that 10,000 BTC was sent to a different address, which is associated with an institutional custody platform. Institutional custody services provide secure and insured storage for cryptocurrencies, and their use by the US government suggests that it is taking a more proactive approach to managing its digital assets. The move also highlights the growing adoption of institutional-grade custody solutions within the cryptocurrency industry.

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