As a seasoned crypto investor with a decade of experience under my belt, I find myself both intrigued and cautious about the recent news of the U.S. government moving seized cryptocurrencies. While it’s fascinating to see the behind-the-scenes workings of such massive transactions, it’s also a stark reminder of the regulatory landscape that we navigate in this space.
The U.S. government has confiscated billions of dollars worth of cryptocurrencies from lawsuits against various digital currency firms, such as FTX, and transferred these funds to a different digital wallet.
Based on information from Arkham Intelligence, it was reported on December 3rd that the U.S. government transferred various cryptocurrencies that had been seized following the collapse of FTX Alameda due to poor fund management in November 2022, back into their control.
Initially transferred today was approximately 54.8 billion Shiba Inu (SHIB), equivalent to around $1.55 million at the current moment. Later on, it was noted that a significant amount of Ethereum (ETH), approximately $17.2 million, was also shifted to a separate wallet by an unknown entity.
ALERT: US GOVERNMENT MOVING $1.5 MILLION OF SHIBA INU
— Arkham (@arkham) December 3, 2024
Additionally, this action was mirrored across various cryptocurrencies such as Binance USD (BUSD), worth approximately 13.5 million, and about $36,070 of Axie Infinity (AXS).
Additionally, the U.S. government transferred approximately $296,000 worth of various cryptocurrencies. This included $106,430 in Compound (COMP), $93,950 in Numeraire (NMR), $50,710 in Wrapped Bitcoin (WBTC), and $47,350 in Yearn Finance (YFI).
The U.S. government moved Bitcoin
Over the past year, we’ve observed this action repeatedly, particularly amidst the escalating court disputes within the crypto sector, with the FTX Alameda debacle reaching its height two years ago.
In a recent instance, the confiscated Bitcoin valued at approximately $2 billion was transferred to separate wallets on various occasions. The initial wallet accumulated around $969 million in Bitcoin, while the second wallet received slightly less, about $949 million.
Approximately $1 billion worth of Bitcoins were transferred from a wallet named 33Tg to Coinbase Prime on the same day, these coins having been confiscated in connection with the Silk Road cases in November 2022 and distributed among various wallets.
Currently, the United States government is reportedly holding approximately $19.48 billion worth of digital assets, including prominent cryptocurrencies like Bitcoin, Ethereum, Tether (USDT), Wrapped Bitcoin (WBTC), and Binance Coin (BNB).
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2024-12-04 02:06