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Nearly $1 Billion in Bitcoin Moved from US Government Crypto Wallets

Nearly $1 Billion in Bitcoin Moved from US Government Crypto Wallets

Key Takeaways

  • Two US Government wallets transferred around $1 billion in Bitcoin seized from the Bitfinex hack.
  • Transactions began with small test transfers before moving nearly 15,117 BTC in total.
  • The motive for these significant transfers remains unclear, with no comment from the US Justice Department.

Around $1 billion worth of Bitcoin (BTC) was moved from two US Government crypto wallets.

These wallets contained assets seized in the Bitfinex hack case in 2016.

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As per Arkham Intelligence, the initial transaction involved a small test transfer of 1 BTC from one of the walletsThe remaining 2,817 BTC was transferred shortly, emptying the wallet of approximately $173 million in Bitcoin.

Not long after this, a second wallet entered the scene, moving a nominal amount of 0.01 BTC before transferring its entire contents of roughly 12,300 BTC. The total value of Bitcoin moved from both wallets amounted to an astounding $923 million, considering the current market prices.

The motives behind the transactions remain undisclosed, with the US Justice Department yet to comment on the situation.

The third crypto wallet under US government control contains an even more considerable sum of approximately 94,600 BTC, recovered from the Bitfinex hack, estimated to be worth around $5.79 billion.

The Bitfinex hack has remained a focal point in crypto lore, not only for the staggering amount of BTC stolen but also for the personalities involved, Heather "Razzlekhan" Morgan and Ilya Lichtenstein, likened to "Bitcoin's Bonnie and Clyde." The couple's story will take center stage in the upcoming Amazon movie, "Razzlekhan."

While the purpose of these transactions remains unclear, they represent a pivotal moment in the ongoing narrative of crypto regulation and the aftermath of one of the industry's most significant security breaches.

This activity unfolded against the backdrop of a particularly volatile day in the crypto markets, with Bitcoin's value surging past $60,000, the highest it's been since November 2021.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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