The U.S. Government has transferred a significant amount of confiscated cryptocurrency to new wallets. These funds were seized from Sae-Heng, convicted of involvement in confidence scams.
Transfers of Seized Funds
In the past 8 hours, the government transferred 97.34 Bitcoin (BTC) worth approximately $8.52 million and 884.3 Ethereum (ETH) valued at around $1.78 million. The transfer of funds is a routine measure to secure holdings ahead of potential liquidation or further legal proceedings.
Background on the Seized Assets
Sae-Heng's illegal activities led to the confiscation of these digital assets. Blockchain transparency allows crypto enthusiasts to track these movements in real time, contributing to heightened interest.
Government's Remaining Crypto Reserves
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, and the management of these assets could impact the market.
This movement of funds serves as a reminder of the growing involvement of governments in the cryptocurrency ecosystem. Such actions reflect the increasing significance of digital currencies in the global financial landscape.
