The U.S. government and Mt. Gox transferred thousands of Bitcoins to exchanges Coinbase and Bitstamp on the same day

This site (120btC.coM): On the 23rd, there were on-chain changes including assets seized by the US government and Mt. Gox’s Bitcoin address.

US Government BTC transferred to Coinbase

Data from blockchain analysis company Arkham Intelligence shows that an address marked "US Government: Ryan Farace's seized funds" transferred 58.742 BTC to Coinbase Prime in the early morning of the 23rd Deposit address, worth approximately US$3.96 million.

The US government seized the address

The US government seized three thousand BTC

This fund began to attract attention at the beginning of this year. In January, officials stated that the US government was following instructions to handle the funds from Ryan Farace and Sean Bridges in 2021. 2,875 and 59 Bitcoins were seized respectively.

The U.S. Department of Justice indicted Farace in 2018. The indictment accused Farace of illegally selling Xanax on the dark web in exchange for Bitcoin.

Since then, Ryan’s father, Joseph Farace, was also convicted of money laundering and transferring Bitcoin and other proceeds. The Department of Justice finally recovered 2,935 BTC from the father and son, and emphasized that the above assets would be liquidated.

The panic period of Bitcoin selling pressure has passed?

CoinMarketCap data shows that Bitcoin’s 24-hour trading volume reached US$44.3 billion, and US$4 million is not even 0.01%

However, because the German government’s previous sell-off happened to be during the period when Bitcoin fell below US$54,000, the market has no confidence in these chains. Changes in data are still quite sensitive.

Mt.Gox address transferred 2,239 BTC to Bitstamp

In addition, according to SpotOnChain monitoring, Mt.Gox transferred 2,239 BTC (approximately US$149 million) to Bitstamp exchange on the afternoon of the 23rd, which accounted for approximately 1% of today’s transactions 0.3% of the amount.

In total, Mt.Gox has transferred 52,425 Bitcoins to the exchange in July.

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