Including the U.S. government’s seized assets and Mt. Gox’s Bitcoin address, there were on-chain changes on the 23rd.
US Government BTC transferred to Coinbase
Data from blockchain analysis company Arkham Intelligence shows that an address marked "US Government: Ryan Farace Seized Funds" transferred 58.742 BTC to the Coinbase Prime deposit address in the early morning of the 23rd, worth approximately US$3.96 million.
US government seizes address US government seizes 3,000 BTC
The funds came to attention earlier this year, when officials said in January that the U.S. government was being directed to dispose of 2,875 bitcoins and 59 bitcoins seized from drug traffickers Ryan Farace and Sean Bridges in 2021, respectively.
The U.S. Department of Justice indicted Farace in 2018, accusing him of illegally selling Xanax on the dark web in exchange for Bitcoin.
Later, Ryan’s father, Joseph Farace, was also convicted of money laundering and transferring Bitcoin and other proceeds. The Department of Justice eventually recovered 2,935 BTC from the father and son and emphasized that the above-mentioned assets would be liquidated.
Note: Xanax has a sedative and hypnotic effect and is a Class IV controlled drug in Taiwan. It is also known as butterfly tablets and blue elf.
(The U.S. government plans to auction nearly 3,000 Bitcoins and still holds more than 200,000 BTC)
Is the panic period of Bitcoin selling pressure over?
CoinMarketCap data shows that Bitcoin’s 24-hour trading volume reached $44.3 billion, and $4 million is not even 0.01%
However, because the previous sell-off by the German government happened to occur during the period when Bitcoin fell below $54,000, the market is still quite sensitive to changes in these on-chain data.
(Fifty thousand BTC were sold for US$2.8 billion. Germany stated that the transaction size was "moderate" and would not affect the currency price)
Mt.Gox address transferred 2,239 BTC to Bitstamp
In addition, according to Spot On Chain monitoring, Mt. Gox transferred 2,239 BTC (approximately $149 million) to the Bitstamp exchange on the afternoon of the 23rd, which accounted for approximately 0.3% of today’s trading volume.
In total, Mt.Gox has transferred 52,425 Bitcoins to the exchange in July.
(Mt.Gox once again moved $148 million in Bitcoin to Bitbank exchange)
BREAKING:#MtGoxmoved 2,239 $BTC ($149M) to#Bitstamp30 minutes ago!
To repay creditors in July as previously planned, Mt. Gox has so far:
Deposited 1,545 $BTC ($83.5M) to#Bitbankon July 5.
Moved 48,641 $BTC ($3.06B) to wallet “3JQie”, likely a#Krakendeposit,… https://t.co/c14GBN5daM pic.twitter.com/WSunktoogK
— Spot On Chain (@spotonchain) July 23, 2024
This article The US government and Mt. Gox transferred thousands of Bitcoins to the exchange on the same day first appeared on Chain News ABMedia.
