US Government Moves Millions in Bitcoin to Coinbase

On June twenty sixth, the US authorities despatched 3,940 Bitcoin to Coinbase Prime, Coinbase’s institutional buying and selling platform. Blockchain analytics agency Arkham Intelligence flagged the transaction.

JUST IN: 🇺🇸 US Authorities sends 3,940 #Bitcoin price $241 million to Coinbase 👀 pic.twitter.com/m14HpdeJ0s

— Bitcoin Journal (@BitcoinMagazine) June 26, 2024

The transferred Bitcoin was initially confiscated from convicted drug trafficker Banmeet Singh earlier in 2024. Singh was arrested in London in 2019 on distribution fees and extradited to the US in 2023. 

As a part of his conviction, Singh forfeited over 8,100 Bitcoin, price round $150 million on the time, to US authorities. 

Whereas the latest switch of almost 4,000 Bitcoin is substantial, it represents only a fraction of the federal government’s complete Bitcoin holdings. Knowledge reveals the US authorities at present possesses round 214,000 Bitcoin price over $13 billion – making it the biggest nationwide holder of Bitcoin globally.

A lot of the federal government’s Bitcoin comes from seizures associated to the shuttered darkish net market Silk Highway. The notorious Bitfinex hack of 2016 additionally contributed to the stash.

The switch to Coinbase indicators the federal government could also be seeking to promote a few of its long-dormant Bitcoin reserves. This provides to fears of value impacts much like the latest German authorities sell-off.

Nevertheless, the quantity moved to this point is comparatively minor in comparison with day by day Bitcoin buying and selling volumes. The US authorities nonetheless holds the overwhelming majority of its seized Bitcoin, now price billions extra because of Bitcoin’s meteoric value rise.