The U.S. government has surreptitiously shifted about $1 million in crypto related to the collapse of FTX and Alameda Research, further indicating that it is stockpiling confiscated assets for creditor reimbursements.
On June 10, observers of the blockchain witnessed the U.S. government send about $984,000 worth of tokens related to FTX and Alameda to a Coinbase deposit address. This included a transfer of 98,591 LINK tokens worth over $768,000 according to Arkham-style monitoring cited by several sites, as well as roughly $216,000 in other assets like AAVE, CHZ and BAL.
These movements fit a broader pattern where authorities route seized coins through Coinbase Prime, which provides an institutional platform for custody, conversion, and eventual liquidation. Earlier in May, U.S. wallets holding Alameda-linked assets also sent about $1.9 million in altcoins, including RNDR, UNI, SAND, MASK and AXS, to Coinbase Prime in a similarly structured series of transactions.
How It Connects To FTX’s Creditor Repayments
The government has not issued a detailed public statement on this specific $984,000 batch, but analytics firms and legal commentators expect the FTX bankruptcy estate to receive these funds as forfeited assets. DeFi‑focused reporters note that “many Alameda/FTX assets that were seized by the DOJ will be returned to FTX estate creditors and those who lost assets in FTX’s collapse.”
The FTX estate has already started paying back customers in stages after a Delaware judge approved its reorganization plan in late 2024. By early 2025, the estate began cash distributions via BitGo and Kraken, with an approved package that could return up to about $16.5 billion to creditors, or roughly 119% of the cash value of their claims as of November 2022.
Under the court‑backed plan, repayments roll out across multiple rounds, with smaller claims under $50,000 prioritized in the first waves. FTX’s restructuring chief John Ray has said, “The estate is working to finalize arrangements to make distributions to creditors across more than 200 jurisdictions around the world,” highlighting how complex the process remains even as money starts to move.
Each additional batch of recovered or forfeited assets, including seized government holdings now appearing on Coinbase Prime, adds to the pool the estate can eventually distribute.
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