U.S. Government Moves $100 Million Of Cryptocurrencies
According to data from blockchain intelligence firm Arkham, digital wallets linked to the U.S. government moved more than $100 million U.S. of Bitcoin (CRYPTO: $BTC) and Binance Coin (CRYPTO: $BNB) in recent days.
The government sent $71.6 million U.S. worth of Bitcoin to a Coinbase Prime (NASDAQ: $COIN) deposit address.
A separate government-labeled wallet sent BNB coin worth $31.63 million U.S. to another Coinbase address.
The Bitcoin that has been moved by the U.S. government appears to be forfeited coins seized in the Bitfinex hack case. The BNB came from assets seized from bankrupt Alameda Research.
The government still holds $27.5 billion U.S. worth of crypto, all of it seized in law enforcement actions. To date, the government has not used taxpayer money to make crypto purchases.
Such transfers often raise fears of an impending sale. However, it remains unclear if the U.S. government plans to sell the BTC and BNB that it has moved.
Bitcoin is trading at $83,100 U.S. on Oct. 7.
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