- The U.S. government has transferred $4 million in seized Bitcoin to Coinbase.
- Defunct crypto exchange Mt. Gox has resumed Bitcoin sales.
- Bitcoin’s price is surging amidst Ether ETF launches and Mt. Gox activity
Blockchain analytics firm Arkham Intelligence revealed that the U.S. government has transferred $4 million in seized Bitcoin to Coinbase.
The funds originated from a 2020 drug case involving Ryan Farace, who operated under the alias “Xanaxman” on the dark web. This news coincides with the defunct crypto exchange Mt. Gox resuming its Bitcoin sales and a surge in Bitcoin’s price, fueled by the recent launch of Ether ETFs.
In 2018, Farace was convicted of selling Xanax through dark web marketplaces under the pseudonymous identity “Xanaxman.” Later, Farace’s father, Joseph Farace, was also convicted of money laundering, for transferring 2,874 Bitcoins outside the U.S. However, in January 2024, the Department of Justice recovered 2,933 BTC from them and proposed selling the seized Bitcoins.
With the recent Bitcoin transfer to Coinbase, the government has emptied Ryan Farace’s seized funds. Nonetheless, the fund represents less than 1% of Bitcoin’s 24-hour trading volume, which is over $45 billion today.
Meanwhile, the defunct crypto exchange, Mt. Gox, has resumed its Bitcoin sale, transferring 80.064K BTC to a new address and 5,110 BTC to a cold wallet, as highlighted by Coin Edition.
It was only the previous day that Arkham Intelligence highlighted Mt. Gox’s intriguing moves of Bitcoin to four Bitstamp addresses, calling them possible test moves. The exchange deposited $1 in Bitcoin to four separate addresses of Bitstamp. According to Arkham’s data, Mt. Gox held $6.08 billion worth of Bitcoin at the time.
Amidst these significant BTC moves and driven by the Ether ETF launch, Bitcoin is trading on a bullish track despite the recent dip. As of the latest data, Bitcoin is priced at $66,605, marking a slight decline of 1.30% over the last day. However, Bitcoin has experienced notable increases of 4.33% and 3.58% over the last week and month, respectively.
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