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In recent news, the United States government sold nearly $1 billion worth of Bitcoin confiscated from Bitfinex in 2016. Additionally, spot Bitcoin exchange-traded funds (ETFs) experienced a significant surge in trading volume, setting new records. However, some Coinbase users encountered account balance discrepancies amid heightened price volatility.
The U.S. government executed transfers totaling $922 million from two seized cryptocurrency wallets linked to Bitfinex, coinciding with Bitcoin’s surge beyond $60,000 on Feb. 28. These funds were initially confiscated in 2016 following Bitfinex’s hacking incident, where approximately 119,754 BTC, valued over $7.4 billion today, was compromised.
Spot Bitcoin ETFs based in the U.S. achieved unprecedented trading volumes, surpassing previous records by over 150%. The 10 ETFs collectively traded $7.69 billion on Feb. 28, led by BlackRock’s iShares Bitcoin Trust, which accounted for 43.5% of the total volume.
Meanwhile, as Bitcoin surged to $64,000, several Coinbase users reported seeing zero balances in their accounts. Coinbase acknowledged the issue, assuring users that their assets remained secure despite the display error. The company swiftly addressed the bug, restoring users’ accurate balance displays.
Despite occasional technical glitches, Coinbase remains resilient amidst the booming crypto market, reporting robust fourth-quarter earnings and its first quarterly profitability since the 2021 bull run on Feb. 15.