๐ BREAKING: $240,000,000 worth BTC SENT TO COINBASE EXCHANGE by US GOVERNMENT ๐
The United States government transferred 3,940 Bitcoin to a Coinbase Prime wallet on June 26, as per onchain data from Arkham Intelligence. This transaction took place at 5:00 pm UTC and involves Bitcoin seized from convicted drug trafficker Banmeet Singh.
๐ Case Background:
๐ฎโโ Banmeet Singh: Singh was arrested in London in 2019 on drug distribution charges and extradited to the U.S. in 2023. From 2012 to 2017, he ran a narcotics smuggling network with distributors across multiple states.
๐ช Bitcoin Seizure: As part of his sentencing, Singh was forced to surrender over 8,100 Bitcoin, worth approximately $150 million at the time. The U.S. DEA termed this as their largest cryptocurrency seizure.
๐ตโโ Current Status: Singh was sentenced to five years in prison in April 2024 but has been released due to time served. He plans to return to India following his release.
๐ฐ Sell-Off Concerns: The Bitcoin market is jittery over potential government sell-offs impacting prices. Recently, the German government was reportedly unloading Bitcoin worth around $2.76 billion.
๐ Government Holdings: Arkham data shows the U.S. government currently owns about 214,000 Bitcoin valued at around $13 billion, making it the largest state holder in their database.
๐ฆ Mt. Gox Liquidation: Investor fears are further stoked by the Mt. Gox bankruptcy estate beginning the process of unloading 140,000 Bitcoin to reimburse victims of the 2014 collapse.
๐ Exchange Balances: Despite these sell-off fears, exchange balances are at six-year lows, counterbalancing potential price declines.
๐ Bitcoin Price Watch: The transfer of seized Bitcoin to an exchange typically signals a potential sell-off, which could impact prices.
IMPORTANT FOR YOU: Watch out for potential huge dumps that could crash the BTC price!
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