US Government Moves 243 Million Dollars of BTC It Seized

On June 26, 2024, the US government transferred 3,940 Bitcoins worth $243 million originating from a darknet market vendor. This batch of BTC was directed to an exchange address labeled Coinbase.

The government made this transfer of 3,940 BTC worth $243 million. This action by US law enforcement coincided with similar BTC sales by the German government in previous weeks. Leading chain analysts, including Zachxbt and the Arkham Intelligence team, followed this move.

Arkham reported that these funds were seized from narcotics dealer Banmeet Singh and were lost following a trial in January 2024. Singh participated in drug trafficking operations on platforms such as Silk Road, Alpha Bay and Hansa, according to the US. On January 26, 2024, he pleaded guilty to charges of conspiracy to possess with intent to distribute controlled substances and conspiracy to commit money laundering.

BTC fell 0.5% against the US dollar following the incident. Moreover, the price dropped below the $61,000 range. As of the latest updates, the US government owns 213,546 BTC, which is currently worth over $13 billion after the recent divestiture of 3,940 BTC.