US Government Transfers $13.7M in Seized Bicton: What’s Happening

Published by

Vignesh S G

July 4, 2024

A recent X post shared by a user named PeckShieldAlert has stirred the entire crypto community. The post discusses a suspicious BTC transfer from a wallet that is connected to US government law enforcement.

Let’s try to decode the mystery of this uncommon transfer! Ready?

Suspicious Bitcoin Transfer from US Govt Wallet: What We Know Now?

What we know about the transfer right now is from the information shared by the X post, which also shares a screenshot of the transfer to justify its claims. As per the post, around 237 Bitcoins, valued at $13.7 million, were transferred from the US Government-related wallet to a new address. The transfer is suspicious and unusual because the wallet in question is known for holding funds seized by US law enforcement.

The authorities are yet to make a public statement about the transfer. The reason for the transfer is unclear right now.

Impact of the Transfer in the Bitcoin Market

As you all know, right now, the Bitcoin market is not in a good position. Today, it has touched a two-month low. When this article was written, the price of BTC stood below the support of $58,000. In the daily candlestick chart of Bitcoin, we see three consecutive red candlesticks, with a long body. At present, the price is $57,042. In the last seven days, it has seen a fall of 3.6%. On June 28, the price was around $60,300. On July 1, it recorded a weekly peak of $62,831. A severe drop of 14.7% has been witnessed in the last 30 days. On June 5, the price saw a monthly peak of $71,041. Since then, the price has been consistently weakening. Though it made several attempts to recover from the downtrend this week, especially on June 30 and July 1, it could not sustain the severe selling pressure that emerged in the last three days.

Right now, it is not wise to assume that the suspicious BTC transfer from the US government law enforcement-related wallet has made a huge impact on the crypto market. Whether the transfer can make any impact is yet to be seen.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.