On June 26, the US government transferred 3,940 Bitcoin to Coinbase Prime. Coinbase Institutional trading platform. Blockchain analytics company. Arkham Intelligence The transaction has been flagged.
Latest Update: 🇺🇸 US Government deploys 3,940 troops #Bitcoin Worth $241M to Coinbase 👀 pic.twitter.com/m14HpdeJ0s
— Bitcoin Magazine (@BitcoinMagazine) June 26, 2024
The transferred bitcoin was originally seized from convicted drug trafficker Bunmeet Singh in early 2024. Singh was arrested in London in 2019 on distribution charges and extradited to the United States in 2023.
As part of his guilty plea, Singh forfeited more than 8,100 bitcoins, worth roughly $150 million at the time, to U.S. authorities.
While the recent transfer of nearly 4,000 Bitcoin is a large amount, it is only a fraction of the total government holdings. government It currently holds approximately 214,000 bitcoins worth more than $13 billion, making it the largest bitcoin holder in the world.
Much of the government’s bitcoin seizures were linked to the now-shuttered dark web marketplace Silk Road. Bitfinex Hack 2016 also contributed to this savings.
The transfer to Coinbase suggests the government may be looking to sell off some of its long-dormant bitcoin reserves, reinforcing similar concerns as the recent rally in bitcoin’s price. German Government Sale.
But the amount moved so far is relatively small compared to Bitcoin’s daily trading volume. The US government still holds the vast majority of the bitcoin it seized, which is now worth billions of dollars due to Bitcoin’s exponential price rise.
