Did the son of a government contractor steal seized crypto?

And Bitmine buys more ETH.

You're watching CoinDesk Daily. I'm Jen Sanasi.

The U.S. Marshal Service is investigating allegations that the son of a government contractor stole over $40 million and seized crypto.

Blockchain sleuth, Zach XPT accused John Lick Daggeta of trading the funds from wallets

managed by his father's company, CMDSS, which handles asset disposal for the DOJ and DOD.

John allegedly exposed himself during a quote, band for band argument on

telegram where he screen shared a wallet holding millions to prove his wealth.

Zach XPT traced those funds directly back to government seizures. The Marshal Service confirmed

an active investigation is underway, but declined to further comment. Bitmine is picking up steam again as the world's largest

corporate ether holder recently purchasing a whopping 40,302Eath worth $117 million. The latest buy

brings the firm's total stash to over 3.5% of the entire circulating supply. The purchase follows

a shareholder vote that authorized the company to raise more capital.

Bitmine is also staking nearly half of its treasury to generate yield.

A move so massive, it's helped push the wait time for new Ethereum validators to 54 days.

The company now holds a staggering $12.8 billion in assets and expects its ETH strategy to generate $400 million

in annual income. As of this morning, Ether is trading around $2,900. And Bitcoin's 7% drop last week

pushed sentiment into the gutter, but analysts see a golden opportunity in the derivatives market.

With Bitcoin losing its long-term

bullish trend and $1.3 billion in ETF outflows, most traders are piling into put options

for downside protection. According to Van X, Matthew Siegel, this crowded trade has left call

options at a significant discount. While capital flees to gold and silver, analysts suggest

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