Arkham Intelligence, a blockchain data analysis company, has revealed that the US government has transferred $4 million worth of confiscated Bitcoin to Coinbase, a popular cryptocurrency exchange.
The funds were derived from a 2020 narcotics case involving Ryan Farace, who used the pseudonym “Xanaxman” on the dark web. Farace and his father, Joseph Farace, were found guilty of money laundering in 2018. The Department of Justice retrieved 2,933 BTC from them and suggested selling the confiscated Bitcoins.
The government has depleted Ryan Farace’s confiscated cash, but the fund accounts for less than 1% of Bitcoin’s current 24-hour trading volume, which exceeds $45 billion.
Meanwhile, Mt. Gox, an inactive crypto exchange, has resumed selling Bitcoin, sending 80.064K BTC to new address and 5,110 BTC to secure offline storage. Arkham Intelligence has also highlighted Mt. Gox’s unusual actions of transferring Bitcoin to four Bitstamp addresses, suggesting they may have been test transactions.
Despite the recent decline, Bitcoin is now trading on a bullish trajectory, driven by the Ether ETF and notable market movements. The current price of Bitcoin is $66,605, with significant gains of 4.33% and 3.58% in the past week and month.
