Market intelligence platform Arkham Intelligence likely sent an erroneous message to certain users, suggesting that a cryptocurrency address controlled by the U.S. government had begun to move Bitcoin, according to accounts of the events in the crypto community.
Some commentators speculated that an Ordinals inscription on a known government-seized address made that address appear to be engaged in a transaction without actually moving funds, thus triggering an alert from Arkham Intelligence.
The incident coincided with a sharp decline in the value of Bitcoin, which fell 6% to $27,696 from $29,472 in about one hour.
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