US Government-Controlled Wallets Transferred an Altcoin to Coinbase—Possibly for Sale

On-chain data has revealed that some altcoin funds seized from the bankrupt cryptocurrency exchange FTX and its related bankrupt cryptocurrency company Alameda were transferred by the US to Coinbase.

According to the data, 98,591 Chainlink (LINK) tokens worth $768,000 were transferred from wallets held by the US government to Coinbase, and it is believed that further fund transfers are on the way.

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It’s impossible to directly determine whether these transfers are for selling purposes without an official statement, but fund transfers from cold wallets to centralized cryptocurrency exchanges generally result in sales.

However, a potential sale would contradict the US’s earlier announcement that the country would not “sell cryptocurrencies” and that it planned to build a cryptocurrency treasury with seized assets. US officials stated that the country would not directly buy cryptocurrencies but that this treasury would be created by not selling cryptocurrencies seized through various methods.

*This is not investment advice.

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