US Government Moves Alameda’s Seized ANT Tokens for the First Time in 2 Years

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BeInCrypto2024/10/31 08:23

By:Mohammad Shahid

The US redeemed Aragon tokens for $1.07M in ETH. Meanwhile, FTX and Alameda pursue settlements, including a $225M deal with Bybit.

The US government has converted the remainder of its Aragon (ANT) holdings seized from Alameda, recouping $518,000 in Ethereum (ETH).

For the first time in almost two years, the wallet holding crypto assets confiscated from Sam Bankman-Fried’s former hedge fund, Alameda Research, showed fresh activity.

The Alameda and FTX Saga Continues to Unfold

Blockchain data from Arkham Research revealed that the US government recently redeemed over 82,000 ANT tokens through AragonDAO’s redemption mechanism, obtaining ETH as a result. This timing appears strategic, as ANT’s value surged over 70% in the past week.

Transaction records show that the government obtained approximately $1.07 million in ETH across two transfers from the seized Alameda funds. Following this liquidation, the government’s wallet now holds about $974,000 across various cryptocurrencies.

This move signals potential further liquidations by the US government to recoup value from Alameda’s seized crypto holdings, possibly favoring liquid assets like ETH.

The conversion also aligns with AragonDAO’s wind-down process. The organization’s November 2023 dissolution allowed ANT token holders until November 2, 2024, to redeem their holdings.

Transaction flows from the US government’s wallet. Source: Arkham

Meanwhile, the FTX bankruptcy proceedings continue to develop. Alameda Research recently filed a lawsuit against KuCoin, aiming to reclaim more than $50 million in assets to help settle FTX’s debts.

The October 28 filing alleges that KuCoin had not responded to repeated requests for asset release. Additionally, FTX reached a $225 million settlement with Bybit as part of its ongoing bankruptcy efforts.

In related events, last month, former Alameda CEO Caroline Ellison received a two-year prison sentence following a plea deal that included cooperation with the prosecution of FTX founder Sam Bankman-Fried.

Last year, the former FTX CEO received a 25-year sentence for his role in the collapse.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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