US Government Sells ANT Tokens Confiscated From Sam Bankman-Fried
The United States government sold ANT tokens confiscated from the Alameda Research fund, a company owned by former executive Sam Bankman-Fried, according to data from Arkham Research. This was the first movement in almost two years in the government portfolio. The wallet currently holds around $974,000 worth of cryptocurrencies.
According to on-chain records, authorities in the country sold more than 82,000 ANT tokens, which is AragonDAO's governance token, using AragonDAO's redemption address. Users can use the ANT token in governance decisions on the Aragon platform, which allows decentralized communities to manage and make choices about their projects.
The operation takes place in the context of a decision taken by the Aragon Association. Recently, the Swiss-based non-profit organization decided to dissolve the association. With this, the Aragon Association began a process of exchanging its reserves, selling 86,343 ETH ($155 million at the time) in exchange for ANT tokens.
US government sells ANT tokens
Platform users have until November 2, 2024 to exchange their ANT tokens, before the tokens are burned. With the dissolution, it was determined that ANT tokens would no longer be useful, justifying the termination of activities associated with the token.
The government's move began when the address identified as 0xb0692 sent funds to the wallet used by authorities to separate Alameda Research's appropriated assets. To date, the US government has received 209,199 ETH, equivalent to about $556,000, from AragonDAO.
Previously, the same wallet had received 0.003 ETH, worth approximately US$7.03, sent by Coinbase. Possibly, the shipment was to cover transaction fees (or gas fees) associated with using the Ethereum network.
The sale of these assets is part of the legal process involving the case of Sam Bankman-Fried, former director of Alameda Research and the FTX exchange. The companies ceased operations following financial scandals and regulatory investigations.
The ANT token has fallen 1.3% in the last 24 hours, in line with the broader cryptocurrency market. According to data from CoinGecko, at the time of writing, the crypto asset is costing US$6.56.