The United States government’s management of seized cryptocurrencies has come into focus with recent activity involving assets confiscated from Noman Seleem.
Noman Seleem Ethereum on the move
Blockchain intelligence firm Arkham recently reported that an address marked “U.S. Government Noman Seleem Seized Funds” transferred 0.04 ETH to a new address. This small transaction, likely a test, offers insight into how the government manages confiscated digital assets.
Just In: Arkham marked as U.S. Government Noman Seleem Seized Funds (0x6f9) transferred 0.04 ETH to the new address 0x38cEd5767F1c16DeeA54c5175e0f23a5DAb1aD46, which may be a transfer test. The US government addresses currently have 203.239K BTC, 121.734M USDT and 50.524K ETH.…
— Wu Blockchain (@WuBlockchain) August 5, 2024
The Seleem case dates back to May 7, 2024, when a U.S. court ordered the forfeiture of 300 ETH from Noman Seleem’s private wallet.
Advertisement
This seizure is part of a broader pattern of government actions against crypto-related crimes, often using civil forfeiture laws to target the assets themselves.
Beyond the Seleem case, the scale of the U.S. government’s crypto holdings is substantial. Current estimates indicate that government-controlled addresses hold approximately 203,239 BTC, 121.734 million USDT, and 50,524 ETH.
These holdings represent the culmination of various seizures and forfeitures related to criminal investigations.
The government’s growing crypto portfolio raises important questions about its potential impact on the market. As one of the largest holders of seized cryptocurrencies, the U.S. government’s decisions regarding these assets could influence market dynamics.
Advertisement
Also Read: Bitcoin Breaks Below Wedge Pattern; Can BTC Bulls Protect the $52K Support?
