• Arkham Intelligence refuted false rumors that U.S. government Bitcoin wallets are “on the move” after incorrect community wallet labels caused confusion in April.
• The issue seems to have emerged from community labels and Arkham explained that users can manually add labels to wallet addresses and edit data collections called Entities.
• Arkham has marked just seven Bitcoin wallets as associated with Silk Road, but there have been no outgoing transactions from these wallets today.
Arkham Refutes Rumors of US Government Moving Bitcoin
False Alarm Caused By Community Labels
Arkham Intelligence said that it has not observed funds moving from wallets connected to the U.S. government in a series of tweets on May 10th. In a now-protected account, Twitter user beetle (@1kbeetlejuice) suggested that “[U.S. government] Bitcoin wallets are on the move” based on Arkham data, but Arkham refuted the rumor as it spread on social media, writing: “Don’t see anything on our end.“
Manual Changes Don’t Reflect Real Associations
The issue seems to have emerged from community labels; users can manually add labels to wallet addresses and edit data collections called Entities, but Arkham explained that such manual changes “do not reflect associations” made by Arkham itself. It further clarified that it has marked just seven Bitcoin wallets as associated with Silk Road — the darknet market from which the U.S. has seized certain crypto addresses — and there have been no outgoing Bitcoin transactions from these wallets today.
Similar Incident Happened in April
A similar incident happened in April due to incorrect community wallet labels causing confusion among traders who believed certain funds were being moved by an entity associated with the United States government when no such movement had taken place yet; this sparked speculation about a potential ban or regulatory action against cryptocurrencies, though it was quickly debunked by industry insiders like Arkahm Intelligence who weighed in on social media platforms like Twitter to set the record straight before panic could spread any further within markets or communities related to cryptocurrency trading and investing activities worldwide..
Former SEC Official Calls for US Ban On Tether
In other news concerning regulatory uncertainty surrounding digital assets, former Securities Exchange Commission official Joseph Pinto recently called for a complete ban of stablecoin Tether (USDT) due its transparency shortcomings and opaque governance structure behind its operations; he referred to USDT as a „mammoth house of cards“ when speaking about his concerns during an exclusive interview with financial news outlet Bloomberg earlier this week..
Crypto Exchanges Spot Trading Volume Declines In April
April also saw spot trading volumes decline across major crypto exchanges globally while Binance took one of the biggest hits amongst leading platforms offering crypto-to-crypto trading services; according to recent analysis conducted by research firm CryptoCompare, Binance saw its spot exchange volume drop more than 40 percent compared to March numbers due largely in part to reduced demand for Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT) & Cardano (ADA).