TheUSgovernmentmoved3,940BitcointoanexchangeonJune26,leadingtospeculationofasell-off,accordingtoArkhamIntelligencedata.
TheUSgovernmentmoved3,940BitcointoanexchangeonJune26,leadingtospeculationofasell-off,accordingtoArkhamIntelligencedata.TheBitcoinsinquestionwereseizedfromdrugtraffickerBanmeetSinghandareworthroughly$240millionasofpresstime.ThetokensweremovedfromtheUSgovernment’swallet—whichholdsroughly$13.4billionworthofcryptofollowingthelatesttransfer—toCoinbasePrime,Coinbase’sinstitutionalcryptotradingservice.MostoftheUSgovernment’scryptoholdings,mainlyaccumulatedthroughconfiscationofcriminalfunds,consistofBitcoin.AccordingtoArkhanIntelligencedata,theUSgovernmentholdsapproximately213,546Bitcoin,valuedatroughly$12.97billionasofJune26.Theamountequatestoroughly1%ofBitcoin’stotalsupply,makingtheUSgovernmentoneofthelargestBitcoinwhalesintheworld.TheUSpreviouslymovedBitcoininApril,sending1,999BTCtoCoinbase.Italsosold9,861BTCinMarchfor$215million.CryptoSlateanalysisindicatesthattheUSgovernmentoftensellsportionsofitsBTCholdingswhentheasset’spriceislow,atrendadditionallyevidencedbyothersalesdatingbackto2023.ThetransferoffundsfollowstheconclusionoftheDOJ’scaseagainstSingh,whowasarrestedinLondonin2019andextraditedtotheUSin2023.SinghpleadedguiltytosellingcontrolledsubstancesonthedarkwebandconspiracytocommitmoneylaunderinginJanuary2024.TheUSsentencedSinghtofiveyearsinprisoninApril2024.Singh’sforfeitedcryptowasvaluedat$150millionatthetime.India’sDirectorateofEnforcementalsoarrestedSinghinMay2024followingarequestfromUSauthorities.Thedirectorateseized268.22BTCaftersearchingaresidenceheldbySinghandhisbrother,ParvinderSingh.IndianauthoritiessaidtheSinghsobtainedatleast8088Bitcoinfromtheirillicitdrugtrade.
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