Key Takeaways:
- The U.S. government transferred 3,940 Bitcoin seized from convicted drug dealer Banmeet Singh to a Coinbase Prime wallet on June 26, 2024.
- Singh forfeited over 8,100 Bitcoin as part of his sentence, marking the largest cryptocurrency seizure by the DEA.
- Market fears of a government sell-off impacting Bitcoin prices have intensified, though low exchange balances are helping stabilize prices.
The U.S. government has transferred 3,940 Bitcoin to a Coinbase Prime wallet on June 26, 2024.
These Bitcoins were seized from Banmeet Singh, a convicted drug dealer, during his January 2024 trial.
JUST IN: 🇺🇸 US Government sends 3,940 #Bitcoin worth $241 million to Coinbase 👀 pic.twitter.com/m14HpdeJ0s
— Bitcoin Magazine (@BitcoinMagazine) June 26, 2024
Singh, arrested in 2019 in London and extradited to the U.S. in 2023, ran a narcotics smuggling network from 2012 to 2017.
As part of his sentence, he forfeited over 8,100 Bitcoin, valued at approximately $150 million, marking the largest cryptocurrency seizure by the DEA.
Singh was sentenced to five years in prison but has since been released and plans to return to India.
🚨 BREAKING 🚨
— Ash Crypto (@Ashcryptoreal) June 26, 2024
US GOVERNMENT HAVE JUST
TRANSFERRED 3940 BTC WORTH
$241 MILLION TO COINBASE
THEY STILL HOLDS 213,546 BITCOIN
WORTH $12.9 BILLION. pic.twitter.com/Dk4UioqBYE
This transaction has intensified market fears of a government sell-off impacting Bitcoin prices, similar to concerns arising from the German government and the Mt. Gox bankruptcy estate‘s planned Bitcoin liquidations.
The U.S. government currently holds around 214,000 Bitcoin, valued at $13 billion, making it the largest state holder of the cryptocurrency.
JUST IN: The US government sent 3,940 #Bitcoin to Coinbase.
— Simply Bitcoin (@SimplyBitcoinTV) June 26, 2024
They're NGMI if they keep selling their 🌽. pic.twitter.com/9yF0bdDj5V
Despite these concerns, low exchange balances are helping to stabilize Bitcoin prices.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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