Coinbase Serves as Conduit for US Govt’s $300k Seizure of Hacked ETH

The United States government’s crypto wallet just received another $300,000 worth of assets seized from the Uranium Finance hacker. On-chain data from Thursday, August 21, shows the government withdrew 76.56 Ethereum (ETH) from a Coinbase wallet linked to the case.

This latest transaction brings the total value of assets seized from the Uranium Finance hacker to $34.9 million. The majority of these funds are in Wrapped BNB (WBNB), valued at about $19.27 million, with an additional $15 million in ETH and other stablecoins.

How the U.S. Government Seized Funds From Uranium Finance Hacker

The seizure is a prime example of how law enforcement actions have become a primary source for the government’s growing crypto treasury. In February 2025, the U.S. Attorney’s Office for the Southern District of New York (SDNY) and Homeland Security Investigations (HSI) in collaboration with TRM Labs seized $31 million stolen from Uranium Finance. The seizure of the Uranium Finance funds happened almost four years after the attackers drained $53.7 million from the protocol.

TRM Labs worked closely with law enforcement to identify and trace the stolen funds, even after the attackers used crypto mixers like Tornado Cash and various decentralized exchanges.

What Happens to the Recovered Funds Now?

The U.S. government has now urged victims of the Uranium Finance hack to contact the SDNY’s official channels to begin the refund process. This provides a clear path for victims to reclaim their portion of the recovered money.

For any funds that go unclaimed, the likely destination is the nation’s strategic crypto reserve. U.S. Treasury Secretary Scott Bessent recently stated that the government is exploring “budget-neutral pathways” to acquire more Bitcoin. As detailed in our report where the U.S. Treasury Clarifies Position on Strategic Bitcoin Reserve Plans, using seized assets is a primary method.

“Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world,’” Bessent noted.

Among the budget-neutral ways of acquiring more Bitcoins are funds from seized assets. Moreover, the vast majority of the country’s strategic Bitcoin reserves valued between $15 billion and $20 billion came from seized crypto assets.