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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.

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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.

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