The United States government has reportedly transferred a portion of its seized Bitcoin to an unidentified wallet.

The transfer, involving 58.742 BTC valued at approximately $4 million, was executed on Monday afternoon, as reported by blockchain intelligence firm Arkham Intelligence.

The United States government has moved a portion of its seized Bitcoin to an unidentified wallet, according to blockchain intelligence firm Arkham Intelligence. The transfer, involving 58.742 BTC, was executed on Monday afternoon.

Based on Arkham’s wallet label, the Bitcoin was seized from a drug dealer named Ryan Farace, who was convicted in 2028 for selling Xanax through dark web marketplaces under the alias “Xanaxman.” Initially, Farace forfeited 24 BTC while claiming inability to access additional funds earned through his illegal activities.

During his sentence, Farace was additionally indicted and convicted for instructing his father, Joseph Farace, to transfer 2,874 Bitcoin outside the United States. However, the Department of Justice recovered 2,933 BTC from the Farace family and announced plans to sell the seized Bitcoin in January.

The amount moved today represents a small portion of the total seized from the Faraces but matches exactly the 58.742155166 Bitcoin mentioned in a May 2021 DOJ seizure notice.

At present, the U.S. government holds approximately $15 billion in cryptocurrency, with Bitcoin accounting for nearly $14.6 billion of the total.

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