• U.S. government transfers $10M in BTC and ETH tied to fraud.
• The government’s crypto holdings include 198.4K BTC and 58K ETH.
• Ethereum drops 6.58%, and Bitcoin falls 3.11% in 24 hours.

In the past 8 hours, the U.S. government has moved significant amounts of cryptocurrency to new wallets. The funds, totaling $8.52 million in Bitcoin (BTC) and $1.78 million in Ethereum (ETH), were transferred from wallets linked to Sae-Heng, an individual involved in confidence scams.

Details of the Transfer

According to the Spot On Chain post on X, the transferred funds consist of 97.34 BTC, valued at approximately $8.52 million, and 884.3 ETH, worth around $1.78 million. These funds were confiscated during a crackdown on confidence scams involving Sae-Heng, a known figure in illicit cryptocurrency schemes. 

The U.S. government has been working to secure assets linked to fraud cases, with the movement of these particular assets representing a key step in the ongoing effort to recover funds connected to criminal activity. Despite the recent transfer, the U.S. government still holds significant cryptocurrency assets. 

Currently, the government possesses 198.4K BTC, valued at $17.3 billion, along with 58K ETH, worth $116 million. These holdings continue to be closely monitored and are expected to play a key role in future legal proceedings.

Context of Sae-Heng’s Involvement

The seizure of these crypto assets stems from ongoing investigations into confidence scams. Sae-Heng’s involvement in fraudulent activities has led to the authorities confiscating these digital assets. As the government continues to track the flow of illicit funds, the action taken highlights its commitment to curbing financial fraud and ensuring accountability in the cryptocurrency space.

The step came after the U.S government transacted amounting to more than $10m in cryptocurrency as is moves add to efforts to fight confidence scams. Although the funds have been transferred to new wallets, the presence of a large portion of BTC and ETH still under government control signifies the necessity to monitor and protect crypto assets used in illicit operations.

Tracking the current movement of ETH and BTC, the CoinMarketCap comparison chart indicates that Ethereum is trading at $1,874.57, experiencing a 6.58% drop in the past 24 hours. Its market cap is $226.16 billion, with a 39.82% increase in trading volume, totaling $17.76 billion. 
Over the last 24 hours, ETH’s trading volume to market cap ratio has been 7.81%. In comparison, Bitcoin (BTC) is priced at $84,253, a 3.11% decrease. Both cryptocurrencies show downward trends in the last 24 hours, as shown by the charts. Ethereum’s circulating supply is reported at 120.64 million ETH, which remains constant.

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