The U.S. government has transferred 3,940 BTC (CRYPTO:BTC), valued at $240 million, to Coinbase Prime, sourced from forfeitures linked to Silk Road vendor Banmeet Singh.
This follows extensive legal actions seizing over 69,370 BTC from the illicit marketplace, impacting Bitcoin's market with prices dipping below $60,800.
Coinbase Prime's role in handling government liquidations comes amid regulatory scrutiny, as Coinbase faces SEC charges over operating as an unregistered securities platform.
Silk Road, notorious for its role in early Bitcoin history, continues to influence both cryptocurrency markets and regulatory landscapes.