Arkham Intelligence Denies Movement of US Government Bitcoin Wallets

According to recent reports on Twitter, Arkham Intelligence, a well-known source for Bitcoin-related information, has stated that it has not detected any Bitcoin transactions from US government-related wallets. The information was shared by Beetle (@1kbeetlejuice) on Twitter, citing data from Arkham.

In a tweet, db (@tier10k) mentioned that the movement of US government Bitcoin wallets was being discussed, but expressed a sense of caution and stated that the government had previously indicated their intention to sell the cryptocurrency, so it wasn’t entirely surprising. A screenshot of Arkham’s data was also included in the tweet.

ZachXBT, an official and on-chain investigator from Arkham, confirmed that there had been no movement of Bitcoin from US government wallets. Subsequently, ZachXBT removed the relevant tweets and acknowledged that the previous warning from Arkham was a personal mistake.

ZachXBT clarified, “Don’t see anything on our end.”

The confusion surrounding this issue seems to have stemmed from community labeling. Users have the ability to manually assign labels to wallet addresses and modify data sets known as Entities within Arkham’s system.

Arkham clarified that such manual adjustments made by users do not necessarily reflect associations established by Arkham itself. The company emphasized that it had only identified seven Bitcoin wallets associated with Silk Road, the infamous darknet marketplace from which the US government had seized specific cryptocurrency addresses.

Initially, Arkham admitted to making errors but later refuted all claims, asserting that no users had received misleading alerts. Some comments suggested that the alert might have been triggered by a non-standard event involving transactions without any actual transfer of funds.

It is worth noting that the information was inadvertently published during a significant drop in the price of Bitcoin. Within one hour, the price fell by 6%, dropping from around $29,440 to approximately $27,000. Arkham Intelligence maintains that there is currently insufficient evidence to conclude that the mentioned incident directly influenced the decline in Bitcoin’s value.

In late April, db had previously speculated based on similar data that a government crypto fund was on its way, further fueling discussions around the topic.

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