The United States administration sent 3,940 Bitcoin to a Coinbase Prime wallet on June 26, onchain information from Arkham Intelligence unveiled.
According to Arkham Intelligence, the transaction took place at 5:00 pm UTC and involved Bitcoin seized from convicted drug trafficker Banmeet Singh presently in 2024.
In 2019, Singh was arrested by British police in London on drug smuggling charges and eventually extradited to the United States in 2023.
The United States Department of Justice stated that from 2012 to 2017, Singh ran a narcotics distribution network that contained distributors in Maryland, New York, North Dakota, Washington state, Ohio, North Carolina and Florida.
As part of the laws against him, Singh was forced to surrender more than 8,100 Bitcoin, worth at around $150 million at the time, to U.S. squads in what the U.S. Drug Enforcement Agency (DEA) characterized it as the biggest cryptocurrency seizure ever worked by the three-letter company.
Singh was also sentenced to five years in jail in April 2024 but was given credit for time served and has reportedly been released by U.S. administration. According to The Columbus Dispatch, Singh made plans to return to his native India readily following his release from prison.
The United States administration also carries huge quantities of Bitcoin acquired through seizures and asset forfeiture. Data from Arkham represents that the U.S. administration presently owns roughly 214,000 Bitcoin worth at around $13 billion at the time of writing, making the U.S. administration the biggest state holder of the decentralized currency in the Arkham Intel database.
Selling pressure from the Mt. Gox bankruptcy estate has also stoked investor fears of a Bitcoin expense decrease as the former exchange starts the procedure of unloading 140,000 Bitcoin to reimburse injured parties of the infamous 2014 Mt. Gox collapsed. However, exchange balances are at six-year lows, acting as a cost-stabilizing counterbalance to these selling stresses.