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Arkham Intelligence recognized the actions, that are the primary in virtually two years.
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The authorities exchanged 82,000 ANT tokens for ETH, in keeping with the information.
The United States authorities exchanged greater than 160,000 Aragon tokens (ANT) for ether (ETH), the cryptocurrency of the Ethereum community. According to on-chain information recognized by Arkham Intelligence, this exchange was carried out from a pockets linked to Alameda Research.
The transaction started when an handle beginning with 0xb0692 funded the US authorities pockets, used to segregate Alameda funds.
To date, the federal government has exchanged ANT tokens for about 416 ETH, equal to about $1.06 million, in keeping with Arkham information.
These ANT tokens had been seized by the US authorities from Alameda Research, an organization of Sam Bankman-Fried, identified for his involvement within the cryptocurrency ecosystem.
Alameda Research was a hedge agency that operated intently with FTX, the cryptocurrency exchange, additionally owned by Bankman-Fried, till the 2 grew to become concerned. in a fraud and embezzlement scandal which led—as CriptoNoticias reported—to the chapter of FTX and the seizure of Alameda belongings.
Why had been ANTs exchanged for the Ethereum cryptocurrency and not dollars?
This exchange of ANT tokens for ETH is a part of a choice by AragonDAO, the decentralized group behind ANT, which voted in November 2023 to dissolve the Aragon Associaton, thought entity to supervise challenge treasury, belongings and numerous groups.
According to what was said, after the dissolution of Aragon Associaton, customers entered inside a interval of 12 months to promote their reserves of ANT tokens in exchange for ETH. Those months finish on November 2, 2024.
It occurs that, if the ANTs are not redeemed earlier than the estimated deadline, the holders (as on this case, the US authorities) might face losses. This is as a result of the ANTs will probably be burned because the goal of the motion is to redeem your complete excellent circulating provide of tokens.
All of this suggests that the US authorities, confronted with the potential for shedding greater than $1 million in ANT tokens, determined to exchange the holdings in that asset for ETHwhich is the second most valued digital forex in your complete market.
This article was created utilizing synthetic intelligence and edited by a human Editor.
