The US government has swapped its ANT tokens for more liquid Ethereum ahead of a planned crypto phaseout.

The government-controlled crypto wallet that holds nearly $974,000 worth of digital assets has, for the first time in almost 24 months, been activated, according to Arkham Intelligence.

This is less than a week before a scheduled token phaseout is to take place on 2nd November. Early last year, AragonDAO resolved to dissolve the organization and exchange ANT for ETH.

According to the report by Arkham Intelligence, these ANT tokens are sold in two tranches worth $550,000 and $518,000 in ETH.

Source: Arkham Intelligence

ANT Token Swap Is The First Transaction In Almost Two Years

Onchain data reveals that the government-initiated transaction was the first activity on the crypto wallet in almost two years. Before this recent transaction, the US government crypto wallets got a small transfer from a high-balance crypto wallet account, which isn’t connected to ANT liquidations.

Also, this specific wallet transferred a small amount of ETH from a Coinbase wallet. These then interacted with the AragonDAO’s redemption wallet, converting the funds into Ether.

AragonDAO has decided to phase out its ANT tokens after rejecting the planned creation of a community-owned organization. There were concerns that the DAO could be the target of a Sybill attack or that concealed crypto whales could seize control of the blockchain.

Today, the industry considers AragonDAO a failed ecosystem and has locked up its Twit

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Author: Christian Encila