Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
U.S. Government Converts Crypto Assets to Ethereum Before Phaseout Deadline

U.S. Government Converts Crypto Assets to Ethereum Before Phaseout Deadline

Cryptodnes2024/11/02 15:44
By:Cryptodnes

The U.S. government has recently exchanged its holdings of ANT tokens for Ethereum as part of a scheduled phaseout of digital assets.

The government-controlled wallet, inactive for nearly two years, transferred about $974,000 worth of ANT in two transactions totaling $550,000 and $518,000 in ETH, according to Arkham Intelligence . This move occurs just ahead of AragonDAO’s planned token phaseout on November 2.

The transactions were initiated to convert seized ANT tokens into the more liquid Ethereum . The U.S. wallet, previously receiving smaller transfers unrelated to ANT liquidations, executed this conversion through AragonDAO’s redemption system.

AragonDAO, having recently rejected a proposal for a community-led organization due to concerns over potential takeover risks, is now in the process of winding down its ANT token ecosystem.

READ MORE:
XRP Poised to Overtake Bitcoin as Top Cryptocurrency, Says Former Ripple Executive

The DAO will remain active post-November 3 to oversee remaining fund allocations but has restricted Twitter/X account activity and focused on final redemptions at fixed rates, avoiding fluctuating market prices.

Meanwhile, Alameda wallets show continued trading activity, with holdings of around $980,000 in ETH and other tokens. Recent transactions included 143,770 WLD tokens sent to Binance and $500,000 in AMPL tokens, marking an active period as FTX prepares to settle obligations worth billions.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

World Bank moves to calm fears of AI taking over education

Share link:In this post: Artificial intelligence has become a mainstream industry, but the extent and nature of its influence is a divisive subject. The World Bank has joined thought leaders and leading entities in admonishing against outrightly rejecting the technology, especially in developing countries. While many have been very inventive in coming up with ways AI could backfire on humanity, the global organization maintains AI has more potential for good,

Cryptopolitan2024/12/19 04:55

Sony deepens collaboration with AMD for PlayStation PS5 Pro

Share link:In this post: The partnership is expected to enhance gaming. Both Sony and AMD are focused on machine learning. Technology from this collaboration will extend beyond PlayStation

Cryptopolitan2024/12/19 04:55