Withdrawing from Hard Wallet to Coiinbase

[zepper]

I am trying to get some clarification... Yesterday on the forum I was reading a discussion on using Coinbase to get your Bitcoin from your Sportsbook winnings. And several people said it could be easily traced and show that it came from gambling... I have a question....

I made my deposits to the Sportsbook using ************ and **.... I've recently been on a nice run and I wanted to withdraw with Bitcoin and then ACH to my bank. I have a Ledger Nano S hard wallet where I just started withdrawing some of my winnings from my Sportsbook... Yesterday I signed up for Coinbase and just sent $500 from my Ledger Nano to Coinbase. I got it and I then sent it to my ACH. It showed that was successful from Coinbase. But I guess it could take 2-3 days (or whatever the time is) to reach my bank... Sorry for the long detailed message, but I'm trying to figure out how Coinbase would know if this came from Gambling. Are they able to see that the funds to my wallet came from a Sportsbook if all I have done so far with Coinbase is send funds from my Hard wallet? I would love to hear from somebody that understands this... I have a lot more I want to withdraw an I want to make sure I fully understand.

[littlekona]

go from book to your wallet to coin base and you will be fine 99.99999% of time....you can always go book to wallet to another wallet to coin base if it makes you feel better and wanted to burn a quarter but it really is not needed...

[zepper]

Thank you for your reply! I’m wondering why some people were saying it could be traced to gambling? What if I also use my wallet to deposit Bitcoin to various Sportsbooks in the future? And then use the same wallet to withdraw to Coinbase? Does that change anything? Is Coinbase able to see that my wallet has sent Bitcoin to Sportsbooks?

Again I appreciate anybody’s reply.

[Snowball]

Thank you for your reply! I’m wondering why some people were saying it could be traced to gambling? What if I also use my wallet to deposit Bitcoin to various Sportsbooks in the future? And then use the same wallet to withdraw to Coinbase? Does that change anything? Is Coinbase able to see that my wallet has sent Bitcoin to Sportsbooks?

Again I appreciate anybody’s reply.

Probably not without an investigation. If you are investigated they can turn over most stones and play a lot of games against you. So the objective is to never fall under such scrutiny. Be more concerned with INs than OUTs, as those INs get transferred to your BANK. The BANK and COINBASE are the weak points. Ask yourself what you can do to limit BANK deposits. I can think of a lot of ways. Think cash or think purchases with crypto not BANK into
assets that can later be sold for cash.

[Optional]

Agree with both answers above.


As far as how they can trace it, that other thread explained several ways it can happen. You don't need to understand exactly how but don't kid yourself that it can't happen. And your hard wallet does not make it any more or less likely to happen. Sending direct from book to Coinbase is the most likely way to be noticed though. Any wallet in between helps.

Bottom line though, if you are simply gambling and transferring money that way, the worst that can happen is for Coinbase to close your account. They don't keep your money. Then just move on to Gemini or some other solution.

[Optional]

Surely your hard wallet allows for use of a new address each send/receive doesn't it?

If so, just make sure you do that so all your transactions cant be tied together easily. So if they do spot a sportsbook account you have trasnferred with, it will only be that one transaction they can find.