The U.S. government transferred 3,940 seized bitcoins to a Coinbase prime wallet on Wednesday, according to data from blockchain data firm Arkham Intelligence. The data shows that the bitcoins belonged to Banmeet Singh, a convicted drug trafficker who pleaded guilty to money laundering earlier this year. At the time of writing, the transferred bitcoins are worth $241 million.

On-chain researcher Lookonchain noted that the US government currently holds 213,546 BTC, worth approximately $13.07 billion. This information is also confirmed by the Bitcoin Treasuries website. The US government has the largest Bitcoin supply, followed by China with 190,000 BTC and the United Kingdom with 61,000 BTC.

A total of 11 governments worldwide, including Germany and El Salvador, own Bitcoin, representing 2.7% of the total supply of 21 million Bitcoins. This news comes shortly after the German government moved 750 seized Bitcoins, of which 250 BTC were transferred to Bitstamp and Kraken.

Jameson Lopp, co-founder of Casa, reported that the US government has seized and sold at least 195,091 Bitcoins. This includes assets obtained through the Silk Road auction, announcements from the US Marshals, and other sources.

Bitcoins Seized in Banmeet Singh’s Case Dark web seller Banmeet Singh was sentenced to five years in prison on April 19 for selling drugs online. Customers paid with cryptocurrency for the drugs they ordered through his sites.

Singh’s drug organization laundered millions of dollars in drug money into crypto accounts over time, worth approximately $150 million. The U.S. Drug Enforcement Agency (DEA) described it as the largest cryptocurrency seizure ever.

However, Singh was one week short of five years in custody, according to the Columbus Dispatch. He also surrendered more than 4,000 units of cryptocurrency as part of his sentence. The recent government sales have raised concerns within the crypto community about a possible Bitcoin price drop. The BTC price struggled to hold gains after the US government sell-offs.

The world’s largest cryptocurrency fell 1.4% in the past 24 hours and is currently trading at $60,656.


Leave a Reply

Your email address will not be published. Required fields are marked *