The U.S. government moved about $565.87 million worth of seized cryptocurrency to Coinbase Prime within hours, blockchain outlet U.Today reported on Tuesday.

The transfer included bitcoin and tether, and some of the holdings were classified as seized assets linked to the Bitfinex hack case and to FTX and Alameda Research.

The most recently transferred amount was 94.15 million USDT. Onchain analysis platform Onchain Lens viewed the funds as coming from seized assets tied to the bankrupt cryptocurrency exchange FTX and its trading affiliate Alameda Research. Including other earlier transactions, the total moved was about $471.7 million. The tether transfer lifted the total to about $565.87 million.

Among the earlier transfers, the biggest portion was 3,974 bitcoin, worth about $329.95 million. Onchain Lens classified the assets as linked to the 2016 Bitfinex hacking case. In another transaction, 657.92 bitcoin worth about $54.55 million, 750.19 wrapped bitcoin worth about $62.34 million, and 24.89 million USDT worth about $24.88 million were moved together. Those assets were also identified as seized holdings tied to FTX and Alameda.

The transfer route also stood out. Some cryptocurrency passed through newly created addresses before ultimately arriving at Coinbase Prime. Still, a move to Coinbase Prime does not necessarily mean an imminent sale on the market. The U.S. Marshals Service in 2024 selected Coinbase Prime as a provider to handle custody and advanced trading services for a large digital asset portfolio. That means the transfers from government wallets to Coinbase Prime could also be for custody and management rather than selling.

Past major incidents sit behind the assets moved this time. Bitfinex lost about 119,754 bitcoin in a 2016 hack. U.S. authorities later recovered more than 94,000 bitcoin by gaining access to the personal keys of hacker Ilya Lichtenstein. As of 2022, the seizure was valued at about $3.6 billion. Lichtenstein later pleaded guilty to conspiracy to commit money laundering.

Markets are focusing on the purpose of the move. Onchain Lens viewed the latest 94.15 million USDT as seized funds tied to FTX and Alameda Research, and pointed to the 3,974 bitcoin as linked to the Bitfinex hack. The U.S. government did not disclose the specific intent of the transactions. It remains to be seen whether the move will lead to an actual sale or whether it will be limited to a reshuffle of assets within the existing custody framework, pending further disclosures.