US Government Moves Bitcoin Worth IDR 64 Billion To Coinbase

The US government has moved Bitcoin assets. (Photo; Doc. Coinmama)

JAKARTA - The United States government has reportedly transferred about $4 million in Bitcoin (BTC) to the Coinbase crypto exchange. This was reported by blockchain analytics firm Arkham Intelligence. Arkham claimed that the transfer of 58,742 BTC came from an address known as "US Government: Ryan Farace" and was identified in the chain as 3B2j...iGfFtaU.

The funds are believed to have originated from the confiscation carried out on Ryan Farace about three years ago. In November 2018, Ryan was convicted in the US District Court of Maryland for being involved in online drug trafficking. He operates under the pseudonym "Xanaxman" and sells Xanax pills on the dark web.

Ryan's father, Joseph Farace, was also convicted of money laundering and trading in Bitcoin proceeds that the federal government wants to confiscate. Although both were only sentenced in early January this year, the Department of Justice finally managed to recover 2.933 BTC from them.

After giving them punishment, the government also announced plans to liquidate Bitcoin ownership. Therefore, the movement of this latest fund may only be part of the liquidation plan. Or, it could be that the government is preparing for a transfer to a different digital wallet.

However, the specific purpose of the funds remains unclear until this article is published. Crypto market observers and investors will continue to monitor this development closely, given its potential impact on the price of Bitcoin in the global market.

The movement of funds of this size by the US government could significantly affect the price of Bitcoin. Given the large number of Bitcoins being moved, this move could be a signal for investors about the government's policy on crypto assets in the future. What's more, with the increasing adoption of Bitcoin and other cryptocurrencies, any action by a large entity like the US government can have broad implications.