US Government Moves $10.3M in Confiscated BTC and ETH

• The U.S. Government moved $10.3M in BTC and ETH.
• Funds were seized from Sae-Heng, involved in confidence scams.
• The government retains $17.3B in BTC and $116M in ETH.

U.S. Government Transfers $10.3M in Confiscated Crypto

The U.S. Government has shifted a significant sum of cryptocurrency to new wallets. In the past 8 hours, they transferred 97.34 Bitcoin (BTC) worth approximately $8.52 million and 884.3 Ethereum (ETH) valued at around $1.78 million. These funds were seized from Sae-Heng, a convicted individual involved in confidence scams.

Background on the Seized Funds

Sae-Heng’s illegal activities led to the confiscation of these digital assets. The government’s decision to move the funds is a routine measure to secure holdings, often ahead of liquidation or further legal proceedings. Blockchain transparency allows crypto enthusiasts to track these movements in real time, contributing to the heightened interest.

Government’s Remaining Crypto Holdings

Despite the recent transfers, the U.S. Government still holds a substantial cryptocurrency reserve. Currently, it maintains approximately 198.4K BTC, valued at around $17.3 billion, and 58K ETH, worth $116 million. These holdings often originate from various criminal investigations and seizures.

The government’s management of these assets could impact the market, especially if any decision is made to liquidate large amounts at once.

Conclusion

This movement of funds is a reminder of the growing involvement of governments in the cryptocurrency ecosystem. Whether for regulatory enforcement or asset management, such actions reflect the increasing significance of digital currencies in the global financial landscape.