Coinbase Prime Transfers Seized ETH
Market Suggests Potential Decline "Like in the Past"
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The Ethereum transferred to the Coinbase Prime wallet was seized from an Non-Fungible Token fraud suspect named Chase Senegal in 2022. At the time, Chase Senegal was operating under the online name 'Horror' and engaged in fraudulent project and Non-Fungible Token sales.
Before the Ethereum transfer, the US Department of Justice first sent a small test transaction of about $10. Subsequently, 86.56 Ethereum was transferred to Coinbase Prime. Coinbase Prime is a platform used by institutional investors for bulk asset sales, and is frequently chosen by governments to liquidate assets without market shock.
Interpretations suggest that the US government's transfer of 86.56 Ethereum to Coinbase Prime is likely for liquidation purposes rather than simple storage. The US government has previously sold multiple seized cryptocurrencies, particularly BTC and Ethereum holdings in the market.
On-chain data analysis platforms are tracking this transfer in real-time, and no sale has occurred yet. Ethereum prices are currently stable, but investors are mindful of potential short-term decline based on similar past cases.
Government asset sales are legal but can create significant market price volatility. Large-scale selling has not yet been confirmed, and the cryptocurrency market is expected to react immediately to subsequent movements.
Reporter Jung Ha-yeon yomwork8824@blockstreet.co.kr
