U.S. Government Transfers $1 Billion in Bitcoin From Bitfinex Hack Wallet
(1 hour ago) · 1 source · Summarized by CryptoBipto
The U.S. government moved approximately $1 billion worth of bitcoin from a wallet associated with the 2016 Bitfinex hack. No indication of a sale has been reported at this time.
WHY IT MATTERS
When the government seizes cryptocurrency as part of a criminal case, it holds those assets in digital wallets, much like evidence in a physical warehouse. Sometimes the government moves that evidence around for logistical reasons, and sometimes it eventually sells it off, similar to a police auction. Because the U.S. government holds a large amount of bitcoin, any movement of those funds draws attention. For people new to crypto, it is worth understanding that on-chain transactions — transfers recorded on the public blockchain ledger — are visible to anyone, which is why these government wallet movements are quickly noticed and reported. A transfer does not necessarily mean a sale is happening.
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- coindesk.com
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