🚨 Big Breaking: US Government Sends 3,940 Bitcoins to Coinbase Exchange
The US government transferred 3,940 bitcoins, seized from convicted drug dealer Banmeet Singh, to the Coinbase Prime wallet on June 26, 2024. Singh was arrested in 2019 for drug trafficking and extradited to the US in 2023. He forfeited over 8,100 bitcoins, valued at $150 million at the time, and was sentenced to five years in prison in April 2024.
Market concerns have risen over government bitcoin sell-offs, following similar actions by Germany. As of now, the US government holds about 214,000 bitcoins, worth $13 billion. Additionally, the Mt. Gox estate's ongoing sale of 140,000 bitcoins to repay victims adds to investor fears of price drops, despite exchange balances being at a six-year low.
