The US Justice Department has announced that it will forfeit about $14.4 Billion worth of Bitcoins, a total of 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 Gov’t Could Add $14B To Crypto Reserves As Part Of A Forfeiture Case
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 The forfeiture complaint was filed against 127.271 Bitcoins, worth approximately $14.4 Billion at the time. This Bitcoin was connected to an arrest of Chen Zhi. Chen Zhi is the chairman and founder of a Cambodian company who was accused in coordinating a terrorist attack. “pig butchering” crypto investment schemes.
On the day the indictment came out, the Office of Foreign Assets Control of the US Department of the Treasury sanctioned Zhi’s company, the Prince Holding Group and its affiliated companies.
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” During the criminal trial.
The US Strategic Reserve would be able to add a significant amount of Bitcoin if Zhi is convicted. This will mark the first time since the reserve’s establishment that the US has added cryptocurrency. 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 crypto-liquidations, more than $755 million were liquidated by Monday.
BitcoinBTCAccording to SoSoValue, ETFs saw a net outflow amounting to $326.52 millions. Fidelity Wise Origin Bitcoin Fund’s (FBTC), with a $93.28-million outflow, was the most notable. Grayscale Bitcoin Trust’s (GBTC) outflow totaled $145.39-million.
Other noteworthy funds such as Ark 21Shares Bitcoin ETFs (ARKB), Bitwise Bitcoin ETFs (BITB), and Bitwise Bitcoin ETFs (BITB) also experienced daily outflows between $21.12 and $115.64 millions. BlackRock’s iShares Bitcoin Trust, however, saw $60.36 inflows.
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. The funds are a good investment. saw $2.71 billion in inflows Last week.
EtherETHThe ETFs saw outflows of $428.52 millions on Monday. BlackRock’s iShares Ethereum Trust(ETHA) had the highest daily outflow, at $310.13million. Grayscale’s Ethereum Trust(ETHE) was second at $20.99million and Fidelity’s Ethereum Fund (FETH), $19.12million.
Bhutan switches to Ethereum as its new national ID system
Bhutan, the South Asian country is migrating its self-sovereign ID system Polygon has introduced Ethereum, which allows the city’s nearly 800,000 citizens to validate their identities and gain access to government services.
The migration of resident credentials should be finished by the end of the first quarter 2026. 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 announced the integration of Ethereum on Monday.
The immutability of blockchains, their transparency, and the privacy they provide, especially when implemented with zero-knowledge verification, have been touted by many as promising crypto-use cases.
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Source: cointelegraph.com
