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U.S. Government Transfers Seized Ethereum and Stablecoins to Coinbase

According to Onchain Lens, the transfer included 319 ETH and nearly $934,000 in USDT, DAI, and USDC from assets seized from FTX Alameda.

ETH
USDT
USDC

Summary

The U.S. government moved 319 ETH, valued at about $673,000, along with $933,774 in stablecoins to Coinbase, according to Onchain Lens monitoring on May 20. The stablecoin holdings included USDT (a U.S. dollar-pegged token), DAI (a decentralized stablecoin), and USDC (a U.S. dollar-pegged token). Onchain Lens said the funds came from assets previously seized from FTX Alameda, linking the transfer to one of the crypto sector’s highest-profile enforcement and recovery cases.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to track the value of a fiat currency, most commonly the U.S. dollar, to reduce price volatility.
  • USDT: A U.S. dollar-pegged stablecoin issued by Tether, widely used for trading and transferring value across crypto markets.
  • On-chain monitoring: The practice of tracking blockchain transactions and wallet activity using public ledger data and analytics tools.