- US shifted $33.6M in seized crypto to anonymous wallets from FTX cases.
- FTX repayment notifications continue to feed altcoin’s upward momentum.
Altcoins are having their bull runs with major happenings such as the U.S. government transferring seized cryptocurrency funds and rumors about who is to be the new SEC Chair. Eleanor Terret, a renowned journalist, has thrown her suggestion on Paul Atkins to fill in for Gary Gensler.
Arkham Intelligence reported that the moved assets were 5,024 ETH, valued at roughly $18 million at that time, sent to two wallets with cryptic names “0x9cd” and “0x9ac.” Apart from Ethereum, the government had also moved around $13 million in Binance USD, $1.5 million in Shiba Inu, and other tokens. However, this transfer has stirred up a lot of concerns, especially since it fell during a general market surge, with Ethereum growing slightly by 3.10%.
Updates to FTX Repayment Plan Amid Government Transfers
The US government is in control of $19.48 billion in confiscated digital assets, including Bitcoin, Ethereum, USDT, and BNB, mostly acquired through investigations into the likes of the FTX collapse. Earlier this year, the government moved almost $2 billion in Bitcoin as part of the Silk Road investigation, demonstrating its control over digital assets. About 19.8K BTC, worth $1.9 billion, transferred to a Coinbase wallet 20 hours ago, and the public focus is on the government’s management of these assets.
On its end, FTX is already up for discharging its repayment schedule, most would be done by December-end in 2024. Ranting of its creditor repayment date that stirred markets upwards has kept the token from seeing some good times on this and past weeks. Such overall historical instances of repayment announcement time generally brought good bull runs, while updated instances keep the markets under anxious attention.
This has set off alarm among market players as the transfer especially the heavy Ethereum-has coincided when Ethereum lately reached $3,643 and trading volume has achieved all-time-high levels, some investors believe that a huge transfer can cause great selling pressure to befall, especially after significant SHIB transfer.
The community debates over the government’s actions have re-emerged, questioning the timing and motive behind these crypto transfers. So far, no official statements have clarified the reasons for these movements.
