US Government Transfers $984K in Seized Alameda/FTX Funds to Coinbase Prime

The government of the United States has recently started moving the funds seized from Alameda and FTX. In this respect, the US authorities have effectively transferred $984,000 in crypto assets from FTX and Alameda. As per the data from Arkham Intelligence, the government directed a minimum of $768,000 from the above-mentioned capital to Coinbase Prime. The development denotes the ongoing procedure of liquidating halted digital assets for the repayment of creditors of the crashed $FTX exchange.

The US government is officially shifting the crypto capital confiscated from the notorious Alameda and FTX projects, transferring $984,000. Particularly, $768,000 moved toward Coinbase Prime. The development takes place at a time when the crypto portfolio of the US government has surged above $20.9B.

This is a part of the ongoing procedure of liquidating the halted funds linked to Alameda Research after the FTX bankruptcy proceedings. These transactions underscore the active role of the government in the management of these crypto assets. The final destination of the respective capital is the FTX Estate.

As per Arkham Intel, FTX Estate has the goal of distributing the assets recovered from the collapsed platforms to the impacted creditors. In line with the market data, the crypto portfolio of the US government currently accounts for a total of $20.93B, with Bitcoin ($BTC) dominating it by occupying 328,354 $BTC (almost $20.57B).

Apart from that, the US government’s crypto portfolio also includes 62,437 $ETH (nearly $103.2M), 145.5M $USDT, and some smaller allocations in $WBNB, $AUSDC, $BNB, and $WBTC. The respective holdings signify wide-ranging crypto assets under the control of the federal authorities. Overall, the $984K transaction is just a little part of the broader holdings of the government, while presenting a systematic approach channeling seized funds toward their creditors.