Author: Vince Quill, CoinTelegraph; Compiler: Baishui, Golden Finance
Arkham Intelligence's on-chain data shows that the US government sent 3,940 bitcoins to the Coinbase Prime wallet on June 26, 2024.
According to Arkham Intelligence, the transaction occurred at 17:00:41 UTC and involved bitcoins seized from convicted drug dealer Banmeet Singh earlier this year.
Transaction data of 3,940 Bitcoins. Source: Arkham Intelligence
In 2019, Singh was arrested by British authorities in London on suspicion of drug trafficking and was eventually extradited to the United States in 2023.
The U.S. Department of Justice alleges that from 2012 to 2017, Singh operated a drug smuggling network that included distributors in Maryland, New York, North Dakota, Washington, Ohio, North Carolina, and Florida.
As part of his sentence, Singh was forced to hand over more than 8,100 Bitcoins to the United States. The U.S. Drug Enforcement Administration (DEA) said it was the largest cryptocurrency seizure ever made by the three-letter agency, worth about $150 million at the time.
Singh was also sentenced to five years in prison in April 2024, but received credit for time served and has reportedly been released by U.S. authorities. Singh plans to return to his native India immediately upon his release, The Columbus Dispatch reported.
Reports have emerged in recent weeks that the German government is selling off Bitcoin, worth approximately $2.76 billion as of this writing, and market participants are concerned that government selloffs could impact Bitcoin markets.
The most recent of these transactions occurred on 2024-06-26 09:27:57 UTC, with an output of 345 Bitcoins being sent to a wallet labeled “Flow Traders.”
The U.S. government also holds a significant amount of Bitcoin acquired through seized and confiscated assets. Arkham data shows that as of this writing, the U.S. government currently owns approximately 214,000 Bitcoins, valued at $13 billion,making the U.S. government the largest state holder of decentralized currencies in the Arkham Intel database.
Selling pressure from Mt. Gox also raised investor concerns about a drop in Bitcoin prices as the former exchange began selling 140,000 Bitcoins to compensate parties injured in the infamous 2014 Mt. Gox collapse. However, trading balance is at a six-year low, acting as a stabilizing force for prices and offsetting these selling pressures.
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