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The United States government has reportedly transferred a portion of its seized Bitcoin to an unidentified wallet. The transfer, involving 58.742 BTC valued at approximately $4 million, was executed on Monday afternoon, as reported by blockchain intelligence firm Arkham Intelligence.&nbsp;
According to Arkham’s wallet label, the Bitcoin was seized from Ryan Farace, a drug dealer, who was convicted in 2028 for selling Xanax through dark web marketplaces under the alias “Xanaxman.” Farace initially forfeited 24 BTC, claiming inability to access additional funds allegedly earned through his illegal activities.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd6_l7tPpv8oLKzZ61co9H4novDT23dEmGMbYhYdq9YizdTRQeyqtPlZWmTOna1yTxQ2Y-x3hjWEjYgVzPz9vWvNyzt4xDxEDTHGCZkPn36RU9YYZmNggiM5rZLlBQYo8gy6KjZBjm_BpVn-S2Au6pDDFU?key=hBG7JLUHeFcfPGFn8cW7vQ" alt="AD 4nXd6 l7tPpv8oLKzZ61co9H4novDT23dEmGMbYhYdq9YizdTRQeyqtPlZWmTOna1yTxQ2Y x3hjWEjYgVzPz9vWvNyzt4xDxEDTHGCZkPn36RU9YYZmNggiM5rZLlBQYo8gy6KjZBjm BpVn S2Au6pDDFU?key=hBG7JLUHeFcfPGFn8cW7vQ">
 <figcaption class="wp-element-caption">
 Image showing a 58.742 BTC ($4M) transfer from the U.S. Govt to an unknown address | Source: <a href="https://platform.arkhamintelligence.com/explorer/address/34tXjQr1DofTnJNLw8HxAx3NkAX3hHUXfd" target="_blank" rel="noopener noreferrer nofollow">Arkham</a>
 </figcaption>
</figure>
While serving his sentence, Farace was further indicted and convicted for instructing his father, Joseph Farace, to transfer 2,874 Bitcoin outside the United States. However, the Department of Justice successfully recovered 2,933 BTC from the Farace family and announced plans to sell the seized Bitcoin in January.
The amount moved today represents a small portion of the total seized from the Faraces but matches exactly the 58.742155166 Bitcoin mentioned in a May 2021 <a href="https://www.justice.gov/usao-md/pr/father-and-son-sentenced-laundering-drug-trafficking-bitcoin-proceeds-intended-federal" target="_blank" rel="noopener noreferrer nofollow">DOJ seizure notice</a>.
Currently, the U.S. government holds approximately $15 billion worth of cryptocurrency, with Bitcoin accounting for nearly $14.6 billion of the total.
Also Read: <a href="https://www.cryptotimes.io/2024/07/22/mt-gox-begins-test-transactions-on-bitstamp-ahead-of-repayments/" rel="noopener noreferrer nofollow">Mt. Gox Begins Test Transactions on Bitstamp Ahead of Repayments</a>

U.S. Govt Transfers $4M in Seized Bitcoin to Unidentified Wallet

The Crypto Times

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