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The U.S. government and Mt. Gox both transferred a thousand bitcoins to the exchange on the same day.

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The U.S. government and Mt. Gox both transferred a thousand bitcoins to the exchange on the same day.

Assets seized by the US government and Bitcoin addresses associated with Mt.Gox both saw on-chain movements on the 23rd.

US Government Transfers BTC to Coinbase

According to data from blockchain analytics firm Arkham Intelligence, an address labeled as "US Government: Funds Seized from Ryan Farace" transferred 58.742 BTC to the Coinbase Prime deposit address in the early hours of the 23rd, worth approximately $3.96 million.

US Government Seized Address

US Government Seizes 3,000 BTC

This fund has been under scrutiny since the beginning of the year, with officials in January stating that the US government is processing the 2,875 BTC and 59 BTC seized from drug dealers Ryan Farace and Sean Bridges in 2021.

The US Department of Justice indicted Farace in 2018, accusing him of illegally selling Xanax on the dark web in exchange for Bitcoin.

Subsequently, Ryan's father, Joseph Farace, was also convicted of money laundering, transferring Bitcoin, and the Department of Justice ultimately recovered 2,935 BTC from this father-son duo, emphasizing the liquidation of the mentioned assets.

Note: Xanax has sedative and hypnotic effects and is a Schedule IV controlled substance in Taiwan, commonly known as "Butterfly Tablets" or "Blue Elves."

US Government Plans to Auction Nearly 3,000 BTC, Still Holding Over 200,000 BTC

Bitcoin Selling Pressure Fear Period Over?

CoinMarketCap data shows that Bitcoin's 24-hour trading volume reached $44.3 billion, and $4 million is less than 0.01%.

However, as the German government's sell-off coincided with Bitcoin falling below $54,000, the market remains sensitive to these on-chain data changes.

50,000 BTC Sold for $2.8 Billion, Germany States: Trading Volume "Moderate," Does Not Affect Coin Price

2,239 BTC from Mt.Gox Address Transferred to Bitstamp

Additionally, according to Spot On Chain monitoring, Mt.Gox transferred 2,239 BTC, approximately $149 million, to the Bitstamp exchange in the afternoon of the 23rd, accounting for about 0.3% of the day's trading volume.

In total, Mt.Gox has transferred 52,425 BTC to exchanges in July.

Mt.Gox Moves Another $148 Million Worth of Bitcoin to Bitbank Exchange