US government transfers $33.6 million in seized crypto assets
On Wednesday, the US government moved $33.6 million worth of cryptocurrency seized from FTX (CRYPTO:FTT) and Alameda Research to undisclosed wallets.
This transfer has raised speculation about the future of these assets and potential market impacts if they are later liquidated on exchanges.
According to blockchain analytics firm Arkham, the transferred assets included 5,024 ETH (CRYPTO:ETH), valued at approximately $18.17 million, and $13.58 million in Binance USD (CRYPTO:BUSD).
Additionally, smaller amounts of tokens such as SHIB (CRYPTO:SHIB), AERGO (CRYPTO:AERGO), and WBTC (CRYPTO:WBTC) were also moved to unknown wallets starting with the addresses 0x9ac and 0x9cd.
While the crypto market shows signs of recovery, there are concerns that liquidating these assets could create significant selling pressure, potentially destabilising token prices.
This development comes amid increasing scrutiny regarding FTX's involvement in political finance.
Cameron Winklevoss has called for an investigation into why US prosecutors dropped campaign finance charges against Sam Bankman-Fried (SBF), suggesting that such decisions could undermine public trust in the justice system.
SBF has been accused of misusing customer funds for political donations, raising questions about regulatory gaps in the crypto industry.
In parallel, FTX has proposed a reorganisation plan aimed at compensating creditors and revitalizing its brand, with plans to take effect in January 2025.
The recent transfer by the US government follows a series of crypto transactions, including a transfer of nearly 19,780 BTC seized from Silk Road to Coinbase Prime just days earlier.
Currently, the US government holds approximately 198,109 BTC valued at about $19.15 billion from various crypto-related criminal cases over the past decade.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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