Arkham Intelligence Reveals U.S. Government’s Bitcoin Transfer to Coinbase

• The U.S. government has transferred $4 million in seized Bitcoin to Coinbase.
• Defunct crypto exchange Mt. Gox has resumed Bitcoin sales.
• Bitcoin’s price is surging amidst Ether ETF launches and Mt. Gox activity

Blockchain analytics firm Arkham Intelligence revealed that the U.S. government has transferred $4 million in seized Bitcoin to Coinbase.

The funds originated from a 2020 drug case involving Ryan Farace, who operated under the alias “Xanaxman” on the dark web. This news coincides with the defunct crypto exchange Mt. Gox resuming its Bitcoin sales and a surge in Bitcoin’s price, fueled by the recent launch of Ether ETFs.

In 2018, Farace was convicted of selling Xanax through dark web marketplaces under the pseudonymous identity “Xanaxman.” Later, Farace’s father, Joseph Farace, was also convicted of money laundering, for transferring 2,874 Bitcoins outside the U.S. However, in January 2024, the Department of Justice recovered 2,933 BTC from them and proposed selling the seized Bitcoins.

With the recent Bitcoin transfer to Coinbase, the government has emptied Ryan Farace’s seized funds. Nonetheless, the fund represents less than 1% of Bitco…

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