The US government has been busy making moves with its seized crypto assets. They recently swapped some of their ANT tokens for Ethereum, a more liquid cryptocurrency. This move was made ahead of a planned phaseout of ANT tokens on November 2nd.
ANT Token Swap: A First in Two Years
The government’s crypto wallet, which holds nearly $974,000 worth of digital assets, was activated for the first time in almost two years. This activity was likely triggered by the upcoming ANT token phaseout.
The ANT tokens were sold in two tranches, totaling $550,000 and $518,000 in ETH. This transaction marked the first on-chain activity from the government’s wallet in almost two years.
AragonDAO’s Downfall
AragonDAO, the organization behind the ANT tokens, decided to phase out its tokens after facing several challenges. They were concerned about potential attacks and the possibility of hidden crypto whales taking control of the blockchain.
AragonDAO has shut down its operations and locked its social media accounts. The industry now considers it a failed ecosystem.
A Loophole for Liquid Assets
The US government took advantage of a loophole in the AragonDAO contract to swap the seized ANT tokens for more liquid assets. The contract allows for token swaps and redemptions until November 2nd, using a fixed rate regardless of market fluctuations.
Alameda Wallets Still Active
Despite the ANT token swap, some Alameda wallets remain active. The recent transfers have boosted the value of one specific wallet to $980,000 in ETH and other tokens.
While this amount is small compared to the expected distribution for FTX, it suggests that a final reimbursement for investors may be on the horizon.
It’s important to note that many Alameda wallets are empty or contain only small amounts of digital assets. However, some still hold significant value, like one wallet with at least $500,000 in AMPL tokens.
These wallets have shown trading activity, including the trading of FTM and WLD tokens. This suggests that Alameda is still actively managing its remaining assets.
