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The U.S. government transferred 3,940 Bitcoin, seized from convicted drug dealer Banmeet Singh, to Coinbase on June 26, 2024, sparking market reactions amid ongoing concerns over government sell-offs.
U.S. Government Transfers 3,940 Bitcoin Seized from Convicted Drug Trafficker to Coinbase Prime Wallet
According to Cointelegraph, the Bitcoin was confiscated from Banmeet Singh, a convicted drug dealer, during his January 2024 trial, according to data from Arkham Intelligence.
On June 26, 2024, on-chain data from Arkham Intelligence disclosed that the United States government transferred 3,940 Bitcoin to a Coinbase Prime wallet.
The transaction, which involved Bitcoin seized from convicted drug trafficker Banmeet Singh earlier this year, occurred at 17:00:41 UTC, according to Arkham Intelligence.
Singh's detention by British authorities in London in 2019 on drug distribution charges resulted in his extradition to the United States in 2023.
Singh was accused by the United States Department of Justice of operating a narcotics importation network from 2012 to 2017, which encompassed distributors in Maryland, New York, North Dakota, Washington state, Ohio, North Carolina, and Florida.
Singh was compelled to surrender over 8,100 Bitcoin to U.S. authorities as part of the judgment against him. At the time, Bitcoin was valued at approximately $150 million. The United States Drug Enforcement Agency (DEA) described this as the most significant cryptocurrency seizure ever conducted by the three-letter body.
Singh was also sentenced to five years in prison in April 2024; however, he was granted credit for time served and has reportedly been released by U.S. authorities. Singh intended to return to his country of origin in India immediately upon his parole, as reported by The Columbus Dispatch.
Investor Concerns Mount as Governments and Mt. Gox Trustee Liquidate Significant Bitcoin Holdings
In recent weeks, market participants have been apprehensive about the potential impact of government sell-offs on the Bitcoin market following reports that the German government was disposing of its Bitcoin, valued at approximately $2.76 billion at the time of this writing.
The most recent of these transactions was on June 26, 2024, at 09:27:57 UTC, and the output was 345 Bitcoin, sent to a wallet named "Flow Traders."
The United States government also maintains substantial quantities of Bitcoin obtained through asset forfeiture and seizures. According to data from Arkham, the U.S. government is the largest state holder of the decentralized currency in the Arkham Intel database, with approximately 214,000 Bitcoin valued at $13 billion at the time of this writing.
The former exchange is unloading 140,000 Bitcoin to reimburse injured parties of the infamous 2014 Mt. Gox collapse, which has also stoked investor concerns of a Bitcoin price decline. This is due to the selling pressure from the Mt. Gox bankruptcy estate. Nevertheless, exchange balances at their lowest level in six years provide the price-stabilizing counterbalance to these selling pressures.
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