Arkham Clarifies U.S. Government’s Cryptocurrency Holdings
Arkham has addressed confusion regarding the U.S. government’s cryptocurrency holdings following public records from the U.S. Marshals Service.
The blockchain data tracking firm, Arkham Intelligence, compiled data indicating that the U.S. government holds over 198,000 BTC across various agencies, valuing approximately $23.5B, not the depleted reserves rumored after the release of a document showing only 28,988.356 BTC held by the U.S. Marshals Service (USMS) valued at around $3.44B.
U.S. Government Holds Over 198,000 BTC
The document, sourced through a Freedom of Information Act (FOIA) request, led to alarm in the cryptocurrency community. U.S. Senator Cynthia Lummis expressed her concerns over the rumors, stating that if true, it represented a strategic blunder.
Arkham’s analysis suggests the FOIA request only captured USMS holdings, overlooking other agencies like the FBI, IRS, and DEA, which also manage cryptocurrency assets but often do not disclose their balances. Arkham identified at least 198,012 BTC under governmental control, prominently linked to significant criminal cases.
Key holdings include:
– 114,599 BTC from the Bitfinex hack, linked to Ilya Lichtenstein and Heather Morgan.
– 94,643 BTC from two Silk Road cases, including significant thefts.
– Seizures related to Alameda Research and various scams.
Limited Data and Transparency Issues
The FOIA request provided limited information, indicating the need for a centralized database for transparency regarding U.S. government BTC holdings. Although estimates suggest around 200,000 BTC are held by various agencies, official figures remain difficult to confirm due to differing reporting practices.
There are indications that Coinbase is a platform for recent BTC sales by the government, including sales related to cases involving James Zhong. Nonetheless, Arkham emphasizes that a substantial reserve remains with the government from notable cases, even as the exact total remains unverified without more disclosures from additional agencies.
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