US Government Moves $7.6K in Seized Ethereum to Coinbase Prime in Ongoing Forfeiture Case

The U.S. government moved about 3.233 ETH (≈ $7,630) into a Coinbase Prime custody account as part of assets seized from Glenn Olivio in a 2024 money-laundering case, according to Lookonchain. The transfer follows a prior April 11 deposit of 2.44 BTC from the same defendant, underscoring a pattern of federal use of regulated institutional platforms to manage forfeited crypto. While such movements highlight procedural transparency and could matter when large holdings are liquidated, the sums involved are tiny relative to daily market volumes and are unlikely to materially affect Ethereum’s price. The action signals continued reliance on institutional custodians (Coinbase Prime) for legal disposition of seized crypto rather than direct public auctions.