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compiled by blockchain analytics firm Arkham Intelligence, the transfer came from an address labeled “US Government: Ryan Farace Seized Funds,” identified on the blockchain as 3B2jEBZi8fJWGEDrh6Pe7hDMaJ6iGfFtaU.
These funds were confiscated three years ago from a Maryland resident, Ryan Farace, who was convicted in 2018 for selling Alprazolam, the generic form of Xanax, over the dark web.for laundering and trafficking bitcoin proceeds intended for federal forfeiture. The Department of Justice eventually recovered 2,933 BTC from the father-son pair and announced plans to liquidate the holdings in January of this year.
On June 19, Germany’s Saxony state began offloading confiscated bitcoins it had seized from the movie piracy website movie2k. By July 12th, it hadits entire stash of nearly 50,000 BTC and generated almost $2.87 billion in the process. This hasty sale yielded a profit of over $740 million compared to its acquisition cost of $2.13 billion in January.
However, the selling spree put tremendous bearish pressure on the market and even resulted in bitcoin’s price briefly plunging below $55,000. At the time of writing, BTC was trading at around $67,000, where it has been standing for most of the last week or so.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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