The U.S. government recently transferred 58.742 BTC, valued at nearly $4 million, to Coinbase.
This transaction was traced back to an address labeled "U.S. Government: Ryan Farace Seized Funds" by blockchain analytics firm Arkham Intelligence.
The BTC originated from Ryan Farace, who was convicted in 2018 for selling Xanax pills on the dark web.
Recent U.S. Government Bitcoin Transfer Records Source:Arkham
Bitcoins transferred this time originated from Ryan Farace, who was convicted in 2018 for selling Xanax pills on the dark web.
Ryan Farace's Bitcoin, seized three years ago, was a part of a larger operation. His father, Joseph Farace, was also convicted for laundering and trafficking Bitcoin proceeds. The Department of Justice recovered 2,933 BTC from the Farace duo, with plans to liquidate these holdings announced in January.
The transferred amount represents less than 1% of Bitcoin's 24-hour trading volume, suggesting minimal impact on the spot price. This is in contrast to a recent large sale by Germany's Saxony state, which sold 49,858 BTC, causing Bitcoin's price to dip as low as $53,500. Currently, Bitcoin is trading at around $67,450.
Despite this transfer, the U.S. government still holds over 213,000 BTC, valued at over $14 billion. The decision to move funds to Coinbase could indicate an intention to liquidate, but the relatively small volume suggests it will not significantly affect Bitcoin's market price.
The U.S. government moved $4 million worth of Bitcoin from seized funds to Coinbase, originating from a dark web operation. While this may signal potential liquidation, the impact on Bitcoin's market price is expected to be minimal due to the small volume relative to daily trading activity. The U.S. government continues to hold a significant amount of Bitcoin, reflecting ongoing management of seized digital assets.
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