Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
An address labeled"U.S. Government: Ryan Farace Seized Funds" moved BTC worth nearly $4 million to Coinbase 11 hours ago, according to Arkham Intelligence." and identified onchain as 3B2jEBZi8fJWGEDrh6Pe7hDMaJ6iGfFtaU. The funds were seized three years ago from Ryan Farace, who was convicted in 2018 for selling Xanax pills on the dark web.
Later Ryan's father, Joseph Farace, was convicted as well for laundering and trafficking bitcoin proceeds intended for federal forfeiture. The Department of Justice eventually recovered 2,933 BTC from the father-son duo and announced its intention to liquidate holdings in January of this year. The latest movement of funds, perhaps a move aimed at liquidation, has emptied the Ryan Farace seized funds address and represents less than 1% of bitcoin's 24-hour trading volume of over $35 billion, according to data source Coingecko.
As such, the potential liquidation of funds through Coinbase is unlikely to negatively impact the spot price significantly as the recent large sale of BTC by Germany's Saxony state did. Saxony sold 49,858 BTC between June 19 and July 12, driving the token's spot price as low as $53,500 at one point. As of writing, the leading cryptocurrency by market value changed hands at $67,450. Meanwhile, thein a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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