The US government transferred 3,940 Bitcoins to Coinbase

The Bitcoin money transferred by US authorities was previously confiscated from a banned substance trafficker who was arrested earlier this year.

According to sources from Arkham in the early morning of June 27, the US government moved 3,940 Bitcoin, worth more than 243 million USD, to the Coinbase exchange. This is the amount of Bitcoin confiscated by Chinese authorities from Banmeet Singh, a drug dealer on the Internet, earlier this year.

Update: US Government Sends $240M BTC to Coinbase Prime

The US Government moved just 3,940 BTC ($240M) to Coinbase Prime.

This BTC was seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024.

Transaction: https://t.co/hZ1CwqWCmF pic.twitter.com/9t6k8Wdizq— Arkham (@ArkhamIntel) June 26, 2024

This is the latest BTC transaction from US officials since the transfer of 30,100 BTC in April. In January, the US also announced its intention to sell 2,934 BTC originating from Silk Road, the once notorious Internet black market. .

Data from Arkham reveals that the US still owns 213,564 BTC, worth more than 13 billion USD at the time of writing, along with many other large altcoins such as ETH, WBTC, USDT, BNB,... with a total price value is more than 450 million USD.

In recent times, the cryptocurrency market has continuously received negative information related to the money flow of large "whales", mainly national governments. As reported by Coin68, in the past week, the German government has transferred more than 270 million USD in Bitcoin to the exchange, while still holding 2.8 billion USD in BTC evidence.

At the same time, representatives of Mt. Gox announced it will begin returning assets to investors in the form of BTC, BCH and cash starting in July. Mt. Gox currently manages assets of up to 142,000 BTC, worth about 9 billion USD.

These are also the reasons why pessimism spread in the market last week, causing Bitcoin price to drop to a 1.5-month low of 58,400 USD, before temporarily recovering to the 61,000 USD area at this time. wrote the article, did not react too strongly to the news that the US government transferred Bitcoin to the exchange.