Michaela Alvez
The U.S. government has transferred $33.6 million worth of seized cryptocurrency assets, including Ethereum (ETH) and Binance USD (BUSD), from the defunct FTX and Alameda Research platforms to undisclosed wallets.
According to data from blockchain analytics firm Arkham, approximately $18.17 million (5,024 ETH) in Ethereum and $13.58 million in Binance USD (BUSD) were moved to undisclosed wallets early Wednesday.
In addition to the significant transfers of ETH and BUSD, smaller amounts of tokens, including SHIB, AERGO, and WBTC, were also moved to unknown addresses. On-chain data shows that these transactions were directed to addresses starting with 0x9ac and 0x9cd.
The transfer of the seized assets has raised questions about the intentions behind the transaction and its potential market effects. Additionally, they come at a time when scrutiny of former FTX executives is intensifying amid ongoing investigations into their financial misconduct.
Caroline Ellison, the former CEO of Alameda Research, had her prison release date adjusted to July 2026, shortening her sentence to one year and seven months. This update follows her cooperation with authorities as part of the broader legal proceedings related to the collapse of FTX.
Ellison’s deal sparked further debate over the leniency extended to prominent figures involved in the FTX scandal.
US Government Transfers More Seized Funds
The U.S. government has faced criticism in the past for its handling of seized crypto assets, with concerns over transparency and the effectiveness of asset management.
Earlier this week, a wallet linked to the U.S. government moved over $1.9 billion worth of Bitcoin (approximately 19,800 BTC) seized from the Silk Road marketplace to a Coinbase Prime wallet.
U.S. authorities seized the Bitcoin as part of a 2021 investigation into James Zhong, who was later convicted of wire fraud related to the Silk Road marketplace. Zhong had fraudulently obtained the Bitcoin in 2012, and the seizure was one of the largest in U.S. history.
Read More
- FTX’s Gary Wang Goes From Coder to Crime-Fighter with Anti-Fraud Tools
- FTX’s New Lawsuit Against Binance and CZ Seeks $1.76 Billion
- Former FTX Executives Sentenced: Gary Wang Seeks Leniency, Caroline Ellison Begins Prison Term
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
