US Government transfers $560M in seized FTX funds to Coinbase Prime

Coinbase: Coinbase is a leading U.S.-based cryptocurrency exchange and infrastructure provider that offers trading, custody, and institutional services through its Coinbase Prime platform. It serves as a regulated on-ramp for large-scale clients including government bodies managing digital assets. The company was selected to receive and handle the transferred seized funds from FTX in this transaction. U.S. Government: The U.S. Government encompasses federal agencies and departments responsible for law enforcement, asset forfeiture, and management of proceeds from criminal investigations. These entities oversee the handling of seized cryptocurrencies recovered from collapsed platforms and illicit activities. In this case, it directed the transfer of FTX-related assets to Coinbase Prime for secure custody and processing. Government Asset Handling: U.S. authorities routinely engage established crypto service providers to manage and liquidate forfeited digital assets from high-profile enforcement actions. Institutional Platform Role: Coinbase Prime specializes in secure custody and execution services designed for institutional and governmental clients dealing with large cryptocurrency holdings.