US govt moves $200K in Ethereum to Coinbase after test transaction

A wallet controlled by the US government just sent around $10 worth of Ethereum (ETH) to Coinbase Prime on July 7, according to data tracked by Arkham Intelligence. The government then transferred another $200,000 worth of ETH to the exchange.

Authorities currently hold approximately 60,000 ETH in their crypto wallet, according to on-chain data.

Arkham flagged the transaction as originating from a wallet labeled “US Government: FBI,” which holds ETH seized from NFT scammer Chase Senecal in October 2022. The address has remained dormant since the seizure.

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While the motive is unconfirmed, the activity appeared to be a test transaction, which is commonly used ahead of major fund movements such as liquidations, custody transfers, or internal accounting.

Ethereum was hovering around $2,500 at the time of reporting, per TradingView. The second-largest digital asset saw a brief decline following wallet activity.