The United States government converts crypto assets to Ethereum prior to the phaseout deadline
In accordance with its planned phaseout of digital assets, the United States government recently exchanged its ANT token holdings for Ethereum.
Arkham Intelligence reports that the government-controlled wallet, which has been inert for nearly two years, transmitted approximately $974,000 in ANT in two transactions aggregating $550,000 and $518,000 in ETH. This action takes place immediately prior to the intended token phaseout of AragonDAO on November 2.
The purpose of the transactions was to convert the impounded ANT tokens into the more liquid Ethereum. Through AragonDAO’s redemption mechanism, the U.S. wallet executed this conversion, which was previously receiving lesser transfers that were unrelated to ANT liquidations.
AragonDAO is currently in the process of dismantling its ANT token ecosystem, following its recent rejection of a proposal for a community-led organization due to concerns regarding potential acquisition risks.
The DAO will continue to be active after November 3 to supervise the remaining fund allocations. However, it has restricted Twitter/X account activity and has concentrated on final redemptions at fixed rates to prevent fluctuations in market prices.
In the interim, Alameda wallets continue to exhibit trading activity, with approximately $980,000 in ETH and other tokens. FTX has been extremely active in recent transactions, with 143,770 WLD tokens sent to Binance and $500,000 in AMPL tokens. This activity is indicative of the company’s readiness to resolve obligations worth billions.
Wallets