US DOJ Seeks To Forfeiture Of 127,271 BTC

The US Justice Department has announced that it will forfeit about $14.4 Billion worth of Bitcoins, 127,271 Bitcoins, in connection with a case involving fraud. Meanwhile, US spot Bitcoin and Ether ETFs started the week with more than $750 million in outflows after Friday’s crash, and Bhutan migrated its national ID system from Polygon to Ethereum.

US government could increase crypto reserve by $14B as part of forfeiture cases

The US Federal Court has unveiled a criminal complaint involving an extensive fraud scheme which could lead to the prosecution of government officials. increasing its national Bitcoin reserves By $14 billion

Authorities have issued a warning in a notice published by the US Justice Department on Tuesday. said They had filed a complaint for forfeiture of 127,271 Bitcoins (BTC), which were worth $14.4 billion as at publication. It was linked to a criminal indictment of Chen Zhi. Chen Zhi is the founder and chairman of a Cambodian-based firm that is accused for orchestrating terrorism. “pig butchering” crypto investment schemes.

The Office of Foreign Assets Control of the US Department of the Treasury has sanctioned Zhi’s Prince Holding Group as well as its subsidiaries on the very same day that the indictment is unveiled.

The complaint states that the US seeks forfeiture if Zhi is convicted in the US District Court for Eastern District of New York on charges of money laundering and wire fraud. According to the Justice Department, Bitcoins were seized by the FBI. “presently in the custody of the US government” You can find out more about the case by clicking here.

If Zhi were to be found guilty, the forfeiture of Bitcoin would mark one of the largest additions in cryptocurrency since the US established its strategic reserve. US President Donald Trump set up national Bitcoin and crypto reserves via executive order in March.

US Bitcoin and Ether ETFs lose $755 Million after Crypto Market Crash

Find Bitcoin and Ether Exchange Traded Funds (ETFs) in the United States saw combined outflows After a weekend of record-breaking cryptocurrency liquidations, more than $755 million were transacted on Monday.

BitcoinBTCAccording to SoSoValue, ETFs saw a net outflow amounting to $326.52 millions. Fidelity’s Wise Origin Bitcoin Fund, (FBTC), saw the highest outflow with $93.28million. Grayscale’s Bitcoin Trust, (GBTC), recorded a $145.3 million outflow.

It is worth noting that other notable funds such as Ark 21Shares Bitcoin ETFs (ARKB) or Bitwise Bitcoin ETFs (BITB) also experienced daily outflows in the amount of $115.64 and $21.12 millions, respectively. BlackRock’s iShares Bitcoin Trust saw inflows of $60.36 millions.

Total cumulative inflows were $62.44 Billion as of this writing. The total assets of all BTC spot ETFs reached $157.18 Billion, which is 6.81% the market capitalization of Bitcoin. In total, funds saw $2.71 billion in inflows Last week.

EtherETHETFs recorded $428.52 Million in outflows Monday. BlackRock’s iShares Ethereum Trust(ETHA) had the highest daily outflow, at $310.13 million. Grayscale’s Ethereum Trust(ETHE) was second, at $20.99 millions. Fidelity’s Ethereum Fund (FETH), came in third, at $19.12 millions.

Bhutan moves its National ID System to Ethereum

Bhutan, a nation in South Asia. migrating its self-sovereign ID system Polygon’s Ethereum allows its residents, who number in the hundreds of thousands, to access services and verify their identity.

It is estimated that the migration will be completed by 2026’s first quarter. according Aya M. Miyaguchi, President of the Ethereum Foundation

“It’s deeply inspiring to see a nation commit to empowering its citizens with self-sovereign identity,” Miyaguchi posted X said Monday that Ethereum was a first in the world. 

The immutability of blockchains, their transparency, and the privacy they provide, especially when implemented with zero-knowledge verification, have been hailed as promising crypto applications.