US Government Transfers $33.6M in Seized FTX Crypto to Unknown Wallets

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/12/05/us-government-transfers-33-6m-in-seized-ftx-crypto-to-unknown-wallets/ on 2024-12-05. Article ID: SD18216Tee6baca8. Author: Michaela. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/12/05/us-government-transfers-33-6m-in-seized-ftx-crypto-to-unknown-wallets/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

The U.S. government has transferred $33.6 million worth of seized cryptocurrency assets, including Ethereum (ETH) and Binance USD (BUSD), from the dеfunсt 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 transаctions 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 ovеr the leniency extended to prominent figures involvеd 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 markеtplace. Zhong had fraudulently obtained the Bitcoin in 2012, and the seizure was one of the largest in U.S. history.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

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 Daily is the official publication 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.

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