US government moves nearly 4,000 BTC worth $240 million to exchange
The US government moved 3,940 Bitcoin to an exchange on June 26, leading to speculation of a sell-off, according to Arkham Intelligence data.
The Bitcoins in question were seized from drug trafficker Banmeet Singh and are worth roughly $240 million as of press time.
The tokens were moved from the US governments wallet which holds roughly $13.4 billion worth of crypto following the latest transfer to Coinbase Prime, Coinbases institutional crypto trading service.
US Bitcoin holdings
Most of the US governments crypto holdings, mainly accumulated through confiscation of criminal funds, consist of Bitcoin.
According to Arkhan Intelligence data, the US government holds approximately 213,546 Bitcoin, valued at roughly $12.97 billion as of June 26.
The amount equates to roughly 1% of Bitcoins total supply, making the US government one of the largest Bitcoin whales in the world.
The US previously moved Bitcoin in April, sending 1,999 BTC to Coinbase. It also sold 9,861 BTC in March for $215 million.
CryptoSlate analysis indicates that the US government often sells portions of its BTC holdings when the assets price is low, a trend additionally evidenced by other sales dating back to 2023.
India investigation
The transfer of funds follows the conclusion of the DOJs case against Singh, who was arrested in London in 2019 and extradited to the US in 2023.
Singh pleaded guilty to selling controlled substances on the dark web and conspiracy to commit money laundering in January 2024. The US sentenced Singh to five years in prison in April 2024.
Singhs forfeited crypto was valued at $150 million at the time.
Indias Directorate of Enforcement also arrested Singh in May 2024 following a request from US authorities. The directorate seized 268.22 BTC after searching a residence held by Singh and his brother, Parvinder Singh.
Indian authorities said the Singhs obtained at least 8088 Bitcoin from their illicit drug trade.
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