The US government transferred a small amount of bitcoin on April 10 from wallets that Arkham Intelligence has linked to a criminal case. The transfer involved 2,438 bitcoins, worth about $177,000, sent to a Coinbase Prime address.
summary
- The US government transferred 2,438 Bitcoins from seized wallets linked to an alleged steroid conspiracy case.
- Arkham linked the money to Glenn Olivio, who faced charges filed in 2025.
- The transfer has renewed focus on how seized bitcoins move under Federal Reserve policy.
Arkham data Show Two separate transactions from wallets titled “US Government: Glenn Olivio’s Funds Seized.” Both transfers were made to the same Coinbase address, starting with 3EMqu.
Government-linked Bitcoin transfers are not unusual. Federal agencies often transfer seized assets for safekeeping, consolidation, or other handling during legal and administrative processes.
The latest move is still attracting attention because the money may be tied to a 2025 federal case. The move also comes after the Trump administration said it had stopped selling seized bitcoin.
This policy became clearer after President Donald Trump signed an executive order creating the law Bitcoin Strategic Reserve. Treasurer Scott Besent later said the government would keep bitcoins obtained through criminal confiscation.
The Block reported that the seized bitcoin appeared to be linked to Glenn Bradford Olivio. Court records show Olivio was arrested in May 2025 along with Dana Renee Light.
Prosecutors charged the couple with five counts, including conspiracy to possess with intent to distribute controlled substances, conspiracy to launder money, aggravated identity theft, and drug possession charges.
The indictment stated that the case involved “a mixture or substance containing a detectable amount of stimulants.” Substances included included synthetic testosterone, trenbolone, nandrolone, mestanolone, oxandrolone, stanozolol, and methandienone.
The court filings also included a notice of forfeiture. The move is common when the government seeks to seize property, including cryptocurrencies, that it says came from alleged criminal activity.
Reserve policy remains in focus
This transfer comes at a time when the Federal Reserve’s Bitcoin holdings remain under close monitoring. the United States Government It currently owns around 328,000 Bitcoin, worth over $22 billion at current market prices.
In recent weeks, government-linked wallets have also moved money tied to other issues, including assets linked to Bruce Ulbricht, Chen Zhi and… Miguel Villanueva.
These previous transfers raised questions about whether the government was still sending Bitcoin to custodial platforms despite the reserve policy. The recent transfer linked to Olivio is likely to attract similar interest.
PACER shows a steroid case last updated in June 2025. Public records reviewed by The Block did not confirm whether this case was connected to an older marijuana arrest in 2015 involving a man with the same name.
