Nearly $1 Billion in Bitcoin Moved from US Government Crypto Wallets

Around $1 billion worth of Bitcoin (BTC) was moved from two US Government crypto wallets.

These wallets contained assets seized in the Bitfinex hack case in 2016.

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As per Arkham Intelligence, the initial transaction involved a small test transfer of 1 BTC from one of the wallets. The remaining 2,817 BTC was transferred shortly, emptying the wallet of approximately $173 million in Bitcoin.

Not long after this, a second wallet entered the scene, moving a nominal amount of 0.01 BTC before transferring its entire contents of roughly 12,300 BTC. The total value of Bitcoin moved from both wallets amounted to an astounding $923 million, considering the current market prices.

The motives behind the transactions remain undisclosed, with the US Justice Department yet to comment on the situation.

The third crypto wallet under US government control contains an even more considerable sum of approximately 94,600 BTC, recovered from the Bitfinex hack, estimated to be worth around $5.79 billion.

The Bitfinex hack has remained a focal point in crypto lore, not only for the staggering amount of BTC stolen but also for the personalities involved, Heather "Razzlekhan" Morgan and Ilya Lichtenstein, likened to "Bitcoin's Bonnie and Clyde." The couple's story will take center stage in the upcoming Amazon movie, "Razzlekhan."

While the purpose of these transactions remains unclear, they represent a pivotal moment in the ongoing narrative of crypto regulation and the aftermath of one of the industry's most significant security breaches.

This activity unfolded against the backdrop of a particularly volatile day in the crypto markets, with Bitcoin's value surging past $60,000, the highest it's been since November 2021.