The U.S. government has transferred 54,897,092,652 Shiba Inu tokens, valued at approximately $250,000, seized from the now-defunct FTX exchange. This move, detected by blockchain analytics firm Arkham Intelligence, is considered part of the ongoing recovery process for FTX's bankruptcy.
The transfer occurred through two transactions. The initial transfer accounted for nearly 54.89 billion SHIB, which was moved to an anonymous wallet address, while an additional 2.32 million tokens followed to the same wallet. As a result, the total movement of SHIB tokens from the government's wallet has left it with no Shiba Inu tokens remaining. The new wallet now holds the entire sum of 54.89 billion SHIB, with no other assets recorded.
Additionally, the U.S. government also transferred significant sums in USDT and ETH to Coinbase, illustrating the ongoing financial activities related to the FTX collapse. In total, approximately $19.62 million in USDT and around $9.3 million worth of ETH were directed to the exchange.
The seized SHIB tokens stem from assets confiscated during the FTX and Alameda Research downfall in November 2022. These assets are expected to play a role in servicing the debts owed to FTX creditors, although direct cryptocurrency payouts to creditors are not anticipated. Instead, liquidations of recovered digital assets are typically conducted, with distributions made in cash based on the cryptocurrency values at the time when FTX filed for bankruptcy.
As part of its bankruptcy management, FTX's repayment program has reached nearly $9.5 billion distributed to creditors. Following the recent round of payments, most U.S. customers and general unsecured creditors have reportedly received full compensation on their approved claims, while some convenience class claimants have seen payouts exceeding their claims by up to 120%.
This material is for informational purposes only and does not constitute financial advice.
