On July 15, 2026, a seemingly "routine" on-chain operation suddenly became the focus of the market: According to AiCoin data, the U.S. government-controlled wallet address 0x9ac...cb0 transferred nearly all of its seized or confiscated crypto assets related to FTX and Alameda in one go, with the core action being the transfer of approximately 4,820 ETH into Coinbase Prime/Coinbase, worth about $9.28 million at the time. In the same batch, the address also transferred approximately 54.89 billion SHIB and about 631,700 POWWR, totaling around $260,000, bringing the total scale of assets migrated from the government address to the range of $9.54 - $9.57 million. After the transfer was completed, this wallet, which had long been "stockpiling" FTX/Alameda assets, was basically emptied. This on-chain "clearing" action was interpreted by many participants as a signal that the government might be preparing to dispose of the assets through Coinbase, laying the groundwork for subsequent repayment to FTX creditors, but there are currently no public legal documents or official statements confirming that this batch of assets has entered the formal repayment process, so it seems more like a strong signal rather than a definitive conclusion.
The Full Picture of the Government Custody Address Moving to Coinbase
The operations on July 15 presented a clear path of fund migration on-chain: The government-controlled custody address 0x9ac...cb0 proactively transferred funds to the custody address of Coinbase Prime, withdrawing its main crypto assets related to FTX/Alameda all at once. According to AiCoin data, the most significant transfer was approximately 4,820 ETH, worth about $9.28 million (according to multiple sources), directly flowing into Coinbase Prime; soon after, the same address performed two "tail orders," transferring approximately 54.89 billion SHIB and about 631,700 POWR, estimated to correspond to about $235,600 and about $27,900, respectively, with a total scale falling in the range of $9.54 - $9.57 million, almost entirely transferring out all identifiable assets from that address.
From an on-chain perspective, this was not just a "substantial amount" transfer, but a clear action with a definitive endpoint. After the transfer was completed, the balance related to the seized FTX/Alameda assets in 0x9ac...cb0 was basically reduced to zero, transforming the address from a long-term repository of risky assets into an almost empty wallet, with this fact recorded on-chain by a simple change in balance. For monitoring participants, such a path—from the government custody address directly to Coinbase Prime, and doing so nearly in full—was often seen as a symbol of an accelerated disposal phase: the funds were no longer residing in the law enforcement agency’s wallet but entering a professional custodial system, what would happen next has not been officially stated, but this step has already proclaimed the end of the original custody status.
How the U.S. Handles Confiscated Crypto Assets After the FTX Bankruptcy
FTX filed for bankruptcy protection in November 2022, and with the filing came extensive audits and judicial procedures surrounding the truth of the assets. As FTX's affiliated market maker, Alameda Research was focused on during the regulatory and judicial investigations, with its numerous on-chain assets falling within the scope of the investigation. As the case progressed, certain crypto assets related to FTX and Alameda were seized or confiscated by the U.S. government during the enforcement process, entering a custodial state controlled by official addresses, one of which is 0x9ac...cb0, which took in the on-chain remnants collected after the bankruptcy storm.
From the timeline, between 2022 and mid-2026, the U.S. government advanced bankruptcy and criminal procedures while also consolidating the management of these crypto assets associated with FTX/Alameda through multiple actions. The on-chain performance was relatively "standardized": multiple government-controlled addresses transferred seized tokens to Coinbase Prime, a path that gradually became viewed as one of the common processes for disposing of seized crypto assets. In this context, Coinbase Prime serves a dual role as both a custody and execution platform—first providing a compliant custodial environment to move assets from law enforcement wallets to professional management, and then executing liquidation or other disposal operations as needed. In mid-July 2026, 0x9ac...cb0 transferred nearly all of its FTX/Alameda-related assets into Coinbase Prime, marking the latest complete on-chain presentation of this disposal mechanism in the FTX case.
Concerns About Selling Pressure Arising from the $9.54 Million Transfer
Once assets crossed the "threshold" from law enforcement wallets to Coinbase Prime, market narratives quickly shifted from judicial processes to potential selling pressure. According to AiCoin data, 0x9ac...cb0 on July 15, 2026, transferred approximately 4,820 ETH along with SHIB, POWR, and other assets, totaling about $9.54 - $9.57 million. This medium-sized transfer was interpreted by many traders as "preparing for subsequent sales to repay FTX creditors." Under the long shadow of FTX’s bankruptcy and Alameda’s ongoing investigation, the storyline of "government accounts need to offload, cash out, and repay debts" gained considerable traction, almost swiftly becoming a mainstream speculation in public discourse.
However, beyond the clear on-chain records, official-level information has not kept pace with this narrative. There are currently no public legal documents or regulatory announcements explicitly outlining the timetable, disposal methods for this batch of assets, nor confirming its inclusion in specific repayment arrangements for FTX creditors. Existing materials also do not provide quantitative data such as trading volume, price volatility, or derivatives positions, leaving the outside world to repeatedly interpret the significance of this $9.54 million transfer at the emotional level of "possible sale," which in the absence of empirical indicators, such large transfers from government wallets to trading platforms are more of a shadow of expectations and psychological pressure hovering above the market rather than an already realized direct selling action.
The Relationship Between the FTX Creditor Repayment Process and This Transfer
From the timeline, after FTX filed for bankruptcy protection in November 2022, the creditor repayment path surrounding the case progressed basically along conventional frameworks: first, creditors concentrated on declaring losses, then the bankruptcy team would inventory, value, and classify the assets, and only then would they enter discussions and negotiations about reorganization plans and specific repayment ratios. Throughout the process, FTX's bankruptcy estate is responsible for the liquidation and distribution "between debtors and creditors," while the assets seized or confiscated by the U.S. government fall under a different legal ownership and disposal track.
This also determines that the transfer of approximately 4,820 ETH and other tokens from the 0x9ac...cb0 address into Coinbase Prime, even if related to FTX and Alameda, still requires judicial determination of its disposal logic, whether it is part of the victim’s compensation upon liquidation or directed toward other treasury accounts, does not automatically equate to "assets included in the unified liquidation estate of FTX." According to the existing public materials, this nearly $10 million transfer has not appeared in any disclosed legal documents or official statements; questions about whether, when, and in what form it enters the formal repayment arrangements for FTX creditors remain to be confirmed. While the market interprets it as "preparation to repay creditors," logically it is not impossible, but as of now it is still merely based on deductions from address ownership and timing, rather than a fact already stamped by regulatory or judicial authorities.
Observations on FTX's Aftermath from This Transfer
Looking at the on-chain path itself, the significant signal of this transfer of approximately $9.54 - $9.57 million on July 15, 2026, is not "to sell immediately," but rather the U.S. government’s choice to completely clear a specific wallet of seized FTX/Alameda assets, consolidating approximately 4,820 ETH, SHIB, POWR, and other assets into Coinbase Prime, an existing custodial and execution platform. It effectively pushed the assets that were previously scattered in enforcement wallets into an "operable" position. However, in the absence of any public documents regarding the method of sale, timeline, and whether it is included in the creditor repayment arrangements, this step can only be regarded as a programmatic interim organization rather than a finalized solution. Moving forward, focus needs to be placed on a few types of variables: first, whether 0x9ac...cb0 and other known government addresses will have more large transfers to trading platforms; second, whether there are any public disposal announcements or court rulings linking this batch of assets to FTX creditor repayments; third, whether subsequent movements of assets related to FTX/Alameda in Coinbase Prime correspond with the overall progress of the FTX bankruptcy case. These combined on-chain and judicial signals may truly reveal the actual positioning of this transfer in the FTX aftermath process.
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