US Government Transfers Confiscated 3,940 Bitcoin to Coinbase Prime Wallet: Arkham
By Sujha Sundararajan
Updated: June 27, 2024, 02:47 EDT
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Reading Time: 1 min
According to blockchain analytics firm Arkham Intelligence, the US government executed a transfer on Wednesday of 3,940 seized Bitcoins to a Coinbase prime wallet. These digital assets were confiscated from Banmeet Singh, a convicted drug trafficker who earlier this year pleaded guilty to money laundering. At the current market rate, these Bitcoins are valued at approximately $241 million.
Blockchain analysis by Lookonchain indicates that the US government now holds a total of 213,546 BTC, equivalent to around $13.07 billion. This figure is corroborated by data from Bitcoin Treasuries. The US leads globally in terms of Bitcoin holdings, with China and the UK following closely with 190,000 BTC and 61,000 BTC respectively. Together, 11 governments worldwide, including Germany and El Salvador, hold a combined 2.7% of the total 21 million Bitcoin supply.
The news coincides with Germany’s recent move to transfer 750 seized Bitcoins, with 250 BTC sent to Bitstamp and Kraken. According to Jameson Lopp, co-founder of Casa, the US government has confiscated and sold off at least 195,091 Bitcoins to date, including assets from the Silk Road auction and announcements by US Marshals.
Banmeet Singh, a dark web vendor, was sentenced to five years in prison on April 19 for operating a drug distribution network that accepted cryptocurrency payments. The organization laundered millions of dollars through various crypto accounts, totaling around $150 million.
The US Drug Enforcement Agency (DEA) described this seizure as the largest in cryptocurrency history. Despite concerns within the crypto community about potential price declines due to these sell-offs, Bitcoin struggled to sustain gains on Wednesday, experiencing a 1.4% decline over the past 24 hours and trading at $60,656 at the time of writing.
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